Full text of Commercial and Financial Chronicle : October 14, 1954 : National Security Traders Association Convention, Vol. 180, No. 5368, Section 2

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ESTABLISHED 1839

In 2 Sections

—

Section.

Reg. U. B. Pat. Office

Convention Number

New

York, N. Y., Thursday, October 14, 1954

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Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

19 5 4

19 5 5
FIRST

FIRST

PRESIDENT

VICE-PRESIDENT

SECRETARY

PRESIDENT

VICE-PRESIDENT

John M. Hudson

Phillip J. Clark

John W. Bunn

SECRETARY

John M. Hudson

John W. Bunn
Stifel, Nicolaus &
Company, Incorpo¬
rated, St. Louis

Lex

Jolley

The Robinson-

Humphrey Company,
Inc., Atlanta, Ga.

Amos C.

Thayer, Baker & Co.,
Philadelphia

Sudler

Co., Denver

Stifel, Nicolaus &
Company, Incorpo¬
rated, St. Louis

Thayer, Baker & Co.,
Philadelphia

SECOND

VICE-PRESIDENT

TREASURER

N. S. T. A

TREASURER

VICE-PRESIDENT

Officers
and

Executive
T.

Wakeley

A. C.

Allyn and
Company, Incorpo¬
rated, Chicago

Harry L. Arnold
Goldman, Sachs &
Co., New York

Lex

Lawrence S. Pulliam

Council

Angeles

Phillip J. Clark
Amos C. Sudler &

Co., Denver

Jolley

The Robinson-

Weeden & Co., Los

George Elder
Straus, Blosser &
McDowell,
Detroit, Mich.

Lawrence S. Pulliam
Weeden

& Co., Los
Angeles

Humphrey Company,
Inc., Atlanta, Ga.

Harry L. Arnold
Goldman, Sachs &
Co., New York

H. Russell
S.

Hastings

Walter G. Mason

Livingstone,

Scott, Horner &
Mason, Inc.,
Lynchburg

Crouse

<fi

Co.,

Detroit

T. M.
Landon A. Freear
William
& Co.,

Edwards

Fort Worth,
Texas

Harry J. Hudepohl
Westheimer and

Company,
Cincinnati, Ohio

Alonzo H. Lee

Hugh R. Schlicting
Wm.

Sterne, A gee &
Leach,
Birmingham, Ala.

Harper &
Son & Co., Seattle

Leslie B. Swan
Chas.
& Co.,

W. Scranton

New Haven

Wakeley

C. Allyn

and

Company, Incorpo¬
rated, Chicago

THE COMMERCIAL and FINANCIAL CHRONICLE

Thjrsday, October 14, 1954

Past Presidents of the IV. S. T. A.

1954-1955

1953-1954

Phillip J. Clark
Amos

C. Sudler

1952-1953

Russell

Harry L. Arnold
£

Co., Denver

Goldman, Sachs &
Co., New York

1951-1952

John

Hastings

1950-1951

H. Frank Burkholder

Egan

First California Com¬

Livingstone,

Crouse & Co., Detroit

San

pany,

1949-1950

Edward H.
Sincere

Equitable Securities
Corp., Nashville

Francisco

pany,

and

1946-1948

Welch
Com¬

Chicago

Victor

Mosley

Stroud &

Co., Inc.
Philadelphia

1944-1945

1945-1946

Thomas Graham
Bankers Bond Co..
Louisville

1941-1942

Contents of This Issue
Articles
NSTA

Officers

and

Executive

Index to Affiliates

News
Council

Page

(1955-1954)
Past

Presidents

NSTA

Our

Thanks

All

(on

behalf

Edw. E. Parsons,
&

Co.,

Troast

Jr.

Cleveland

—Mortimer

Gartman

1942-1944

Investors—Herbert

Must

Bratter

Thanks

Bond
and

11
12

14
16

Amend
18

Roster

Wm.

Utah

this

Issue

&
Baltimore

37
77

76
72
48

1941-1942

51
78

53
43
74

Paul)

Members
Local

Bond
of

78
47

Securities

Wichita

C. Legg

Company,

Dealers

John

St.

Attendance at NSTA Conventiorf

Joseph W. Sener

Traders

Louis, Security Traders Club of
Security Traders Association
Seattle Security Traders Association
Syracuse, N. Y., Bond Club of
Twin City Bond Traders Club (Minneapolis-

Advertisers

Securities

St.

NSTA Nominating Committee for 1955
NSTA Affiliates and Members
of

San Francisco

Com¬

mittee

Report of Publicity Committee
Report of "Rights" Committee
NSTA
Memorializes
Congress
to
Capital Gains Tax Law

Club of
Michigan,

Security Dealers Association
Georgia Security Dealers Association
Houston, Investment Dealers Association of
Kansas City (Missouri), Bond Traders Club of
Los Angeles, Security Traders Assn. of
Louisville, Bond CIub of
Memphis Security Dealers Club
1
Nashville Security Traders Association
New Orleans Security Traders Association
New York, Security Traders Association of
Philadelphia, Investment Traders Assn. of
Pittsburgh Securities Traders Association
Portland
(Oregon), Security Traders Asso¬
ciation

Report of Municipal Committee
Report of Corporate and Legislative

Florida

Club

Association

STANY—Phillip J. Clark

♦

Bond

Detroit

Mason

and

Association

Denver,

Abolish

—Norman

NSTA

Exchange Controls
—Dr. Ludwig Erhard
The New Federal Housing Law

Stock

Traders

Cleveland Security Traders Association
Connecticut, Security Traders Assn. of

Universal Convertibility — Not Now, But
Some Day—Melchior Palyi
Looking Ahead in the Chemical Industry
—Harry S. Ferguson
Mexico's Changing Attitude Toward Foreign

Securities

75
50

Dallas

Problems—Ralph H. Demmler
Public
Utilities
and
Area
Development
—B. L. England*
A Reappraisal of the Stock Market Outlook
—Anthony Gaubis
The Corporate Bond Market and Arbitrage

Inc.

Carolinas, The Security Dealers of the
Chicago, Bond Traders Club of
Cincinnati

Some SEC

Parsons

Boston

NSTA

Advertising Committee)—-Harold B. Smith
New Jersey Turnpike's Phenomenal Success
—Paul

Security Dealers Association
Arizona Security Dealers
Association
Baltimore, Security Traders Association of

Presidential Greetings—John W. Bunn~

Page

Alabama

Traders

the

Association

Club

NSTA

Unaffiliated

Organizations

With
57

Perry Brown

Herbert

Newman, Brown &

H.
S.

Blizzard
F.

Co., New Orleans

1940-1941

1939-1940

Thomas A. Akin

Edward D, Jones

Deceased

Edward D. Jones &

Co., St. Louis

1938-1939

Willis

Summers

Deceased

■

1936-1938

Arthur
H.

Farrell

Byllesby &
Co., Inc., Chicago

1936-1937

Gentry Daggy
Deceased

1935-1936

Henry J. Arnold
Geo. Eustis

& Co.,

Cincinnati

1934-1935

W. W. Cruttenden
Cruttenden

Chicago

Co.,

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE
1

fttelidentiat

(ftacting

The final curtain has

tendance in the

just descended on the National
Security Traders Association's 1954 convention. Not
only was it a great and successful convention from
the standpoint of program' ar¬

may we

May

rangement and outstanding
speakers, but from the basic

homes

licity which, without

relationship by the
personal acquaintance

to coast

members

our

are

its

Philadelphia Affiliate did a wonderful job
entertaining us while at Atlantic City. STANY,
too, were most gracious hosts for those who con¬
in

this great nation.
closing of this our

across

21st Annual Convention lies

tinued

an-

4,000 with

over

record of
our

are

growth and give

past officers

their noble

this

reached

its

now

Council

Executive

majority,
totals well

total of 32 Affiliates. We

bers of this Association

all

has

birthday. Our membership

as mem¬

proud of this remarkable

heartfelt thanks to

our

Sincerely,

and members who, through

efforts, have been successful in giving

Association

the

position

Industry

our

JOHN W. BUNN,

President

it
National

enjoys today. This Convention had the largest at¬

®®®

after the Convention.

to New York

fellow Officers and members of the
pledge ourselves to the service
of this Association during the coming year; this
pledge, together with the suggestions and continued
cooperation of all members, gives us the assurance
the coming year will be one of significance for our
Association and of benefit to our profession.

thought and one of great
significance, our fine Associa¬
tion

its 21st

Myself,

other
John W. Bunn

doubt, contributed much to

success.

Our

whose

scattered from coast

With the

again thank our good friend, The

cellent coverage of our Convention, not only in this
Convention Issue, but also the pre-convention pub¬

foster better

between

we once

Commercial and Financial Chronicle, for their ex¬

standpoint to which our Associa¬
tion is dedicated, namely to
benefit of

history of our Association. To all,
freely of their time, thought and labor,
extend our deepest appreciation.

who gave so

Security Traders Association

aaa

n®

Maims

By HAROLD B. SMITH, Chairman, NSTA Advertising Committee

GREETINGS:

of all officers and members of
ciations may

Many will remember 1954 for several reasons.
Not only was our Convention held at Atlantic
City after an interval of 17 years, but the number
in attendance at the Claridge Hotel reached a
new
peak. Then, too, your Na¬
tional Advertising Committee is
placing before you the second
largest Convention Issue of The
Commercial & Financial Chron¬
icle

since

the

Convention

inception of our

Number

years

It has been exceeded in size
only by the 1946 picture issue.
Moreover, I am proud to say I
ago.

received

greater
cooperation
than ever before and I
predict bigger and better Con¬
ventions made possible by the
this year

Harold

Smith

increased

result of this rise in the
members.

must

income

secured

cooperative spirit of our

gratifying

to our older

members, whose sacrifices were so great, to see
our

Association mature as they envi¬

National

sioned it

one

day would, if they persisted in their

endeavors.

er-broker and
a

work

Issue of the Chronicle

advertising medium of exceptional merit.

It has excellent: coverage

ing

of the investment deal¬

banking fields.

permanent
and

tisers therein is

Besides constitut¬

souvenir of our Association at

play, it is also really our Yearbook

since it is the

only place where a complete roster

affiliated

the roster of adver¬

mark of distinction.

their

support, every member of our

Committee mentioned below

appropriate that corporations be im¬

pressed with the wisdom of advertising in this

ours

issue of ours,
ment

reaching

very

our

consequence

touch with

in the country who, in turn,

are

Committee

What better audience could you

find for

stock¬

holders' relations effort?
As

progress

guided

are

and

advertising plans,

our
more

Financial Chronicle.

fellow member,
Commercial &

He has made this program

possible and the value of his cooperation just

express

estimated.

So, Herb,

and

through

you

of the work done

our

the

just want to

your

graciousness to

grateful acknowledgment

by Ed Beck, Hal Murphy, Vince

Reilly and Ted Peterson.
forts to

to you our most sincere and never-to-be-

Their unbelievable ef¬

get advertising for this issue have been

inspiration to

girls

all.

I can't forget the help

the Chronicle staff extended, too.

Thanks, ladies.

Issue

outstanding success.

Members—In

addition to

ing Committee consists of the following
of

Chairman Smith,

the Advertis¬

Chairmen of the local affiliates

NSTA:
^

Leach,
Birmingham, Ala.; Randolph E. Soranson, Merrill Lynch, Pierce, Fenner
& Beane, Phoenix, Ariz.; John C. Hecht, Jr., Dempsey-Tegeler &
Co., Los Angelas, Calif.; Walter Vicino, Blyth & Co., Inc., San Fran¬
cisco, Calif.; Gerald P. Peters, Peters, Writer & Christensen, Inc., Den¬
ver, Colo.; Adolph G. Starkel, Putnam & Co., Hartford, Conn.; Robert
J. Pierce, Pierce, Carrison, Wulbern, Inc., Jacksonville, Fla.; Orin M.
Phelps, Gordon Graves & Co., Miami, Fla.; Wilson C. Holt, Goodbody
& Co., Tampa,
Fla.; Lex Jolley, The Robinson-Humphrey Company,
Inc., Atlanta, Ga.; George R. Torrey, McCormick & Co., Chicago, 111.;
Don
H. Alldritt, Mid-Continent Securities Company, Inc., Wichita 2,
Kan.; J. Wesley Rutledge, Stein Bros. & Boyce, Louisville, Ky.; John
J. Zollinger, Jr., Scharff & Jones, Inc., New Orleans, La.; Howard L.
Kellermann,
Alex. Brown & Sons, Baltimore, Md.; James R. Duffy,
Paine, Webber, Jackson & Curtis, Boston, Mass.; Harry A. McDonald
Jr., McDonald-Moore & Co., Detroit, Mich.; Fred S. Goth, Irving J.
Rice & Company, Incorporated, St. Paul, Minn.; Russell K. Sparks, E. F.
Hutton & Company, Kansas City, Mo.; Herman J.
Zinzer, DempseyTegeler & Co., St. Louis, Mo.; Pearne W. Billings, Cohu & Co., Syra¬
cuse,
N. Y.; Charles R. Vance, Vance Securities Corporation, Greens¬
boro', N. C.; Edgar F. Guckenberger, L. W. Hoefinghoff & Co., Ine.,
Cincinnati, Ohio; Fred A. Shorsher, Ball, Burge & Kraus, Cleveland,
Ohio; Paul A. Ludlam, Merrill Lynch, Pierce, Fenner & Beane, Portland,
Oreg.; Lewis P. Jacoby, Jr., Thayer, Baker & Co., Philadelphia, Pa.;
Frank
M. Ponicall,
Jr., Singer, Deane & Scribner, Pittsburgh, Pa.;
Frank D. Frederic, Equitable Securities Corporation, Memphis, Tenn.;
Ray G. Martin, Temple Securities Corporation, Nashville, Tenn.; Winton
A. Jackson, First Southwest Company, Dallas, Tex.;'Jesse R. Phillips,
Local

Herbert D. Seibert, Editor of The

can't be

Pershing & Co.
120 Broadway,
New York 5, N. Y.

investment firm of

practically all of "investor America."

freely

HAROLD B. SMITH,

inexpensive method of not only

every

besides everyone else who assisted

Chairman, NSTA Advertising Committee

members, but the principals and

personnel of virtually

Advertising

for giving

making this Convention and Yearbook

along with the outstanding invest¬

banking and brokerage firms of the country,

for it is

thank each and every one

of their time,

It is very

all of our members,
our advertisers for

May I, also, on behalf of

asso¬

And talking

place.

one

forgotten appreciation for

The NSTA Convention
is

be had in

about rosters, to be among

our

Affiliate

Jr.,: J.

Homer

Chairmen—Alonzo

Phillips Investment Company,

Lee,

Sterne,

Agee

Incorporated, Houston, Tex.;

Bateman, P*p}f}c Northwest company,

Seattle 4, Wash.

THE COMMERCIAL and FINANCIAL

*1.

■

New

explore the
of

financing and
constructing
toll

means

roads

their
peculiar prob¬
lems of high¬
solving

way

relation to in¬

Paul

privately - financed, provide the
quickest, and, in some cases, the
only solution to the country's

traf¬

demand.

fic

Troast

final fact that toll roads,

the

that independent studies made

One

such

had

state

construction; 11 states
legislation to make studies
three had legislation under

had
and

The

the

toll

have

least

road

roads, per

under

are

for

others

present

Studies also are being
Washington to determine

whether

ernment

such

not the Federal

Gov¬

assist in financing
where justification is

may

roads

are

tremendous

interest

from several factors.

The

that the normal

When it

•An address

the

fact

of state

National

solution

new

Just

not feasible.

was

prior

March

New

the

litical
extent

vehicular

comes

State.

our

that

31, 1949,
Turnpike

were

assured
our

perhaps

program

volved

have

This

real

seen

nature

and

the

this

method

limitation

have

period
the

sub

that

the

in¬

put

po¬

the construction

three

revenue

years,
volumes

predicted

experts

now.

Origin

this

that

knowledge at

did
our

disposal
cussions

mildly,

with bankers and inves¬

of the New

relative

nancing.
simplified

it is significant

the
to

time

our

dis¬

original

fi¬
It certainly would have
our

our

problems in enter¬

and

prior

section

from

were

the

time

that

which had

made available.
were

be resolved

rience

with

deals

the

divided

the

New

1946,

when

Driscoll

advocated

introduced
studies
to

nally

our

the

indicated

desirable.

statute

which

preliminary

such

course

This resulted fi¬

the

created

same

New

after

PRIMARY MARKETS

•

for

whole

the

two
major
the Hackensack
and Passaic Rivers, took, in all,
23 months. Apropos of this record,
Richard

Thruelsen, a writer for
"Saturday Evening Post," in

the
an

article "How New

Continued

Jersey Built
on

page

Policy

years

COMPLETE
..

TRADING FACILITIES

•

PREFERRED

STOCKS

Blyth
New York
BOSTON

•

LOUISVILLE

EUREKA

San Francisco

SPRINGFIELD

•

PHILADELPHIA

DETROIT

SACRAMENTO

•

STOCKS

,.oCL
Inc.

Chicago

•

INSURANCE

COMMON

•

Los Angeles

PITTSBURGH

MINNEAPOLIS

FRESNO

•

SAN

•

Seattle

CLEVELAND

SPOKANE

•

JOSE

•

PASADENA

•

Portland

INDIANAPOLIS

•

OAKLAND

SAN

Financial institutions

are

invited

avail themselves of

our

services.

DIEGO
'

Salomon Bros.
Dealers and Underwriters

Hutzler

of High-Grade Securities

Members New York Stock

Exchange

SIXTY WALL STREET, NEW YORK 5, N. Y.
BOSTON

•

PHILADELPHIA

•

our

mem¬

crossing

INDUSTRIALS

BONDS

Authority.

contains

bridges

that

over

This job, including the opening
the final section in the north

which

minimum

of the

bers

day.

months

into

assembled

Turnpike

with

section.

Executive Director and the

Authority.
On
March 31, 1949, the State Senate
confirmed
the
appointments of
my
colleagues and me, and we
organized and were in business

each

as Chicago,
Harrisburg, Boston, Baltimore,
New York, and
Newark.
The'ir
efforts were coordinated by our
Consulting Engineer and by our
Chief Engineer and our own En¬
gineering Department, and then

the

in the enactment by the
Legislature in 1948 of the

Jersey

widely distant points

first

was

that

construction

egineering firms were care¬
fully selected and came from such

then Gov¬
elected,
subject of
toll roads in New Jersey be ex¬
plored, and that legislation be

en¬
was

seven

These

Jersey Turnpike.
ernor

into

sections, with
nationally known highway and
bridge
engineers
assigned
the
duty of designing and supervising

UTILITIES

AND

by the

To expedite planning, the
gineering of the Turnpike

Our Steadfast

BANK

en¬

courts.

date,
staff, we
had completed our initial studies,
had selected the alignment of the

RAILROADS

21
the

municipalities
in the matter of alignment, and
the type of construction, both of
Developemnt of

with a limited
knowledge of what takes place
in the conception of a toll Au¬
thority, and of the problems to
be resolved before the period of
financing is reached, it might be
well to cite, briefly, that expe¬

Eleven

WITH

traffic

1951—only

countered with two

For those of you

and

PUBLIC

right-of-way,

Moreover, difficulties

The Toll Authority

State

regrettable

have

not

tors

Jersey Turnpike,

the

from

years

created

than

and

Jersey Turnpike until 1982,

division' debts

is,

less

would not be attained by the New

newly

traffic

which

state

fortunate, indeed, to
achieved, in an operating
are

in¬

advent into this field.

The

not

funds

revenue

our

did

exist

which

the

the acqui¬
parcels of

and

November

months

creation

demand for toll road

3,700

for

southern

the

set sail

ambitious

service areas;
planning and engineering of
a divided, limited access
highway
118 miles long; the construction
of the Turnpike, and the opening

make

bonds

foward

the

similar

estate

most

things

some

interchanges

our

undertaken.

ever

hand,

the

such

sition

possible the mar¬
keting of much larger issues of a

Jersey.

unpopular.

curity Traders Association, Inc., Atlantic
City, New Jersey, Sept. 23, 1954.

then

constitutionality of

With funds in

estimates.

Since

revenue

purposes,

finance the project.

then told, could
not
be
successfully handled by
normal marketing methods upon
the then existing traffic and rev¬
enue

financing

successfully negotiated

were

engineering,
and

commitment in February, 1950, in
the
amount
of
$220 million to

dealing

the market.

faced

ever

issue,

would take little of

this

time.

Each

use.

to traditional fi¬

times

debtedness

Se¬

had

for

Turn¬

Act, had secured additional
legislation dealing with enlarged
powers in condemnation, and had

the largest

bonds

revenue

prepared

the

construction project which

success

bitterly opposed. Such financing,
moreover, becomes a counterpart

by Mr. Troast at the 21st

Convention

methods

voters.

highway departments are not suf¬
ficient to cope with the expand¬
ing needs for modern highways
Annual

highways, we cannot
close our eyes, to the fact that
the
sale
of governmental
obli¬
gations, pledging taxpayer credit,
is not generally acceptable to

princi¬

the

revenues

early

highway construction by normal

not the panacea
highway ills.
the principle of

free highway construction
not adequate
under today's

nancing

pal one is the need for modern
highways to provide for the everincreasing and record number of
vehicles coming into use in our
motorized economy.
It
stems, also, from

that

fact, some of those who
toll road must be the subject of urged ,our acceptance of the ap¬
comprehensive engineering studies pointments hinted that it would
in order to avoid the pitfalls of be an empty honor as toll roads
constructing uneconomic projects. would not prove feasible in New

stems

of
a

traffic

had tested the

increasing

indicated.
This

signed load capacities; and

when

mal,

inadequate free highway

systems.

Caution

toll

supplementing

made in

New Jersey's ma¬

applied

are

means

road financing can be
Jersey
only in areas of traffic Authority was organized, the
three Commissioners accepted ap¬
density
where the traffic de¬
mand is greater than the high¬ pointments from then Governor
way supply
and where tra¬ Alfred E. Driscoll to study, plan,
ditional methods of financing nor¬ construct and operate toll roads
sound

construc¬

studying their
feasibility, and still others are
exploring legislation for their
need, financing and construction
tion,

jor arteries were carrying traf¬
fic two or three times their de¬

se, are

nation's

the

Fundamentally,

Several

picture.

roads

such

states

from

behind schedule;

years

point, it is well to utter
word of caution. It is that toll

dif¬

quite

today

story

Word

was

that many of

At this

consideration for such roads.

ferent.

demands

road under

avail¬

highway

free

the

that

ability to meet the then current

picture with

the

with

highway dilemma. They are fill¬
New Jersey Turnpike was fi¬ ing the gap between the increased
nanced
early in 1950, only two demand for highways and the
states had major toll roads in op¬ shortened supply.
s
eration.

ing

issue

showed:

1949

the

When

had

studies

and

traversed

and

cost,

possible the financing and construction of .modern toll roads in other States."

supply in

creasing

that alignment in the

pike,

tremendous suc¬
cess, discusses the private financing of toll roads which has gained such rapid
headway in the last five years. Says interest in financing toll roads is based on
belief of need for modern highways, but cautions "Toll roads are not the pan¬
acea for the nation's highway ills."
Gives history of New Jersey Turnpike's
origin and development, and points out "our success has done much to make

to many states

feasibility

ings

calling attention to the New Jersey Turnpike's

Mr. Troast in

stimulus

the

original Turnpike, had held hear¬

counties

providing

•

Chairman, New Jersey Turnpike Authority

Turnpike

our

•

By HON. PAUL L. TROAST*

"Suc¬

success" could be
applied to the New Jersey Turn¬
pike. The outstanding success of
begets

cess

;•

Jersey Turnpike's Phenomenal Success

axiom

well-known

The

•

Thursday, Octooer 14, 1954

CHRONICLE

CLEVELAND

•

CHICAGO

•

SAN FRANCISCO

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

Some SEC Problems
When
this

sat

down

work

speech I had before

schedule

events

this occasion

which

notes

The

Chairman

same

Demmler, in pointing out problems facing SEC in its regulation of

schedule

indicates

the securities

that

pro gress

the Commission and others interested in securities

ladies'

show. I

Sjjl!?

hat

position
make

each

you

will

hearts, I will take it
that

you

that

you

enter¬

indjca-

as an

love the SEC
love the ladies

more.

Perhaps I should apologize for
indulging in shop-talk, particu¬
larly when your Association has
been

gracious enough to set aside
afternoon

whole

industry
have

and

many

interest

that

and

for

another.

one

than

should

not

opportunity to discuss

any

with

them

your

cliche

when

is
I

far
say

for

you

understand

help

our

great

problems.

common

I am not indulging
platitudes when I suggest that

Moreover,
in

which

dent and the Council of Economic

makes have the force of

Advisers resulted in the formula¬

the

tion of legislation which was ap¬

unanimously

proved

both
signed

Houses of the Congress and

law

mto

by the President.

Working for the Same Goal

...

Figuratively speaking, each of
us
is working toward the same
general goal, namely, that of mak¬
ing the American system of free
enterprise work. Naturally, the
regulator and the regulated are
going to have their battles oc¬
casionally, just as the credit de¬
partment and the sales depart¬

same

are

of the other Acts

any

passed

very

the

and

richest

perience

of that

working

been

has

encom¬

experience,

rich
part

But

disagreements.

without

suits

law

most issues.

ex¬

Let

to¬

that

ward solution of problems by con¬
ferences

among

people sitting around a table. That
method has been used among the

themselves,
Commission and

Commissioners
the

tween

Commission

agreeable

being

fellows.

that

regulation

fail to main-

severe

than that which now

prevails.
Duties
As

know,

you

the

SEC

The whole scheme of vesting in

its

of investors."

the Commission

the Commission the power to

make

own

That repret

motion proposes a

rules

rule

and

regulations

with

re¬

the Congress to frame an

act pre¬

spect to manipulative and decep¬
tive devises and stabilization or

change or when it considers a
suggestion for such a change made

make

rule

are

in effect

short-swing profits.
You

can

from

see

Rules Relating to Stabilization

that

limited

irritate

the

sponsors

the

always be

some

element of

have circulated

lic

hearing

stabilization.

rules
is

relating

highly

desir¬

able that the

principles governing

stabilization

should

Continued

publicly

trial and error.

proposal.
You

will

As you know we

for comment and have had a pub¬

gentlemen in your day-to-

The market

place for securities,

page

good

mind

bear

must

constantly the fact that in deal¬

ing with organized associations of
business

securities

the

other

business,

bargainers. In
are,

any

after all, the representatives
otherwise unrepresented

sworn

address

Annual

must be hard
such dealings we
we

the

public.

by Mr. Demmler at the
Convention of the National
Security
Traders
Association, Atlantic
City, New Jersey Sept. 25, 1954.
♦An

the

career

the Commission
representatives of the indus¬

try, and between the Commission
and the public, organized and un¬
organized. For example, discus¬
sions
of
the
Commission with
Senators Capehart and Bush and
with members of the staff of the

21st

he is.

however, that the Commissioners
have dedicated themselves to a

between

staff,
and

be¬
the

extent

is charged not only with the duty rules and regulations had its orisents a broad charter of power of enforcing statutory prohibitions gin in the undeniable fact that it
and a serious responsibility. Con- against manipulations and fraud is almost impossible without an
sequenty when the Commission but is also empowered to make oppressive amount of rigidity *
A
j:u— for

tection

well

therefore make the point

try hard to work out solutions by
mutual agreement. I don't mean,

minded

fair

rules
the

under that Act.

law, and
guide furnished to the
Commission by the Congress is
"the public interest and the proonly

punishment. The reason for that
passing a law, you will under¬ list of subjects that the Commis¬
that intelligent human beings,
sion is given a job the wise per¬
when
possessed
of
a
normal stand why proposals for rule
amount of good will, have learned changes
are
processed
with
a formance of which cannot neces¬
to reach mutual understanding on
degree of deliberation which may sarily be taken for granted. There

three months dur¬
have

of encourag¬

mission and realize that each time

legal disagreements are re¬

solved

ing which I have been Chairman
Commission

effect

and self-control may
„

the

most

business

mercantile

their

most

—

result.

the

personal disagreements are
resolved
without
fisticuffs and

have

agreement. I hope that this after¬
noon's meeting will achieve that
The year and

and

laws,

scribing detailed rules for a mar¬
ket place. The Commission, there¬
price pegging. In addition to that fore, is under a mandate to move
by representatives of the business
it
has
certain
jurisdiction over with changing trends and new
community,
each
Commissioner
rules
of
the
several
exchanges problems and to keep its rules
must employ all the resources of
his intellect and
his conscience and of the National Association of constantly
abreast of
develop¬
Dealers,
Inc. It has
in answering the question: "Is it Securities
ments.
To illustrate the kind of
in the public interest and for the power under Section 16(b) of the
problems we encounter in meeting
Exchange Act to make rules ex¬
protection of investors?"
that responsibility, I would like
When you analyze this legisla¬ empting certain transactions from
to give just a few examples.
tive power delegated to the Com¬ liability imposed on insiders for

ment

are

usually re¬
areas
of dis¬

raised
reducing

occasionally
sults

voices

have

concerned

work

than with

securities

ing each man to be fair because
his competitor is subject to the

with the Securities Exchange Act

day

for

substitute

administered by the Commission, tain a clean market place, both
Therefore, I would like to indicate the industry and the Commission
by way of example a few prob¬ suffer. The Commission would re¬
Commerce Committee, with rep- investors.
ceive
some
resentatives of the securities busi¬
public opprobrium,
Just stop and think about that lems, particularly those involving
Commission-made
ness, and with representatives of
rules,
which and the industry would receive
responsibility for a moment. The
the Executive Office of the Presi¬
plus a regulatory system
rules
which
the
Commission concern us—and therefore you— that,

discussion—even

round-the-table
discussion

Banking
and
Currency vested by the law with the power
Committee, with Congressman and duty in many situations to
Wolverton
of
New
Jersey and prescribe such rules and regulawith members of the staff of the tions as are required in the public
House
Interstate
and
Foreign interest and for the protection of

Commission
problems of mutual
we

can

delays due to exhaustive analysis.

Senate

our

that

neglect

SEC

But

discussion.

table

round

for

The

Vastly

to join your wives or sweet¬
not

of excessive

regulations made thereunder, plus
the rules of the exchanges and of
the
NASD,
can
provide
guide
posts. They can have the effect c?
discouraging cupidity and they

requiring careful study: (1) need for certainty against

rigidity; (2) need for administrative flexibility against danger of

the

than

but

matters

Conse¬

self-control.

personal government; (3) danger of too much complexity; and (4) danger

find

both

much

too

legislation

the
shop-talk
in
which
I
am
going to indulge.
Consequently, if any of you leave

less

ladies and the

tion

Lists

firm

that

Ralph H. Demmler

now

ers."

regulation. Refers to diffi¬

liability for return of short-swing profits realized by "insid¬

one

quently legislation and regulation
standing by themselves can never
provide a wholly clean market
place. Put another way, regulatory

establishing rules relating to price stabilization, and in determining

what constitutes

representation

taining

culties in

lunch¬

and

eon

places,

variables.

innumerable

industry, stresses value of round-the-table conferences between

there is simul-

taneously in

market

which trading instincts are

Chairman, Securities and Exchange Commission

men's luncheon.

all

in
sharp¬
ened and ingenuity is developed
and rewarded. In regulating the
market place we are dealing with

By RALPH H. DEMMLER*

the

Each of us is under a
duty to administer a group
both strict and

of laws which are

technical.

Moreover,

are

Wertheim
Members Njew

120

& Co.

York Stock Exchange

BROADWAY

NEW

YORK

Reynolds & Co.
Underwriters—Distributors
Members: New York Stock Exchange,
and

CHICAGO

PHILADELPHIA

YORK

NEW

BROADWAY

120

American Stock Exchange

Other Principal Exchanges

FRANCISCO

UNLISTED TRADING DEPARTMENT
new

california

new york.

5, N. Y.

SAN

jersey

Rochester

Berkeley

East

Syracuse

Carmel

Morristown

Oakland

Vineland

PENNSYLVANIA
Allentown
_

Lancaster

Sacramento
north Carolina

Salinas

Scranton

Orange

San Mateo

Chicago Heights
■

Direct Private Wires to

detroit

sunbury

•

buffalo
lincoln

Winston-Salem

all Branch Offices and to our

indianapolis

•
•

Raleigh

Santa Rosa

illinois

Durham

Santa Cruz

York

omaha ' •

•

Correspondents in

st. louis

des moines

•

minneapol's
torontc

sioux city •

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Public Utilities and Area Development
see

character's
means

the comics, and
light
bulb over a
head, you know that

he has

things in southern New Jersey,
give you, not just one slide
another, but two at a time.
That may remind you of the
time Emily Post was at a dinner
just
like
this
one.
She
was
searching for a handkerchief in
the
top
of her evening
gown.
After she had no success fumbling
there, a would-be-gentleman next
to her whispered that there was

By B. L. ENGLAND*

When you read
you

I shall

President, Atlantic City Electric Company

after

idea.
D i d
ever

New

y o u

to
why

Stresses importance of

puzzles
too.
But

me,
it
suggests

electric utilities' diamond

characteristics of this function

(1)

as:

service, and (3) the public interest.

importance of service;

Sees

serves.

essential

(2)

super-highways

new

area

and lists special

come,

tax-pay¬

electric

utilities in this
free,

of
B.

L. England

tricity
ideas

for

America
Elec¬

ours.

means

—

ideas

The

period of development of

extent

the

growth

industry in the past 75

reflected

the

fact

years

that

this

in
addition
to
observing
Light's Diamond Jubilee, the in¬
dustry also acquired its 50 mil¬

> ear,

lionth

customer

doubled its

for

area,

other

hand.

Distract¬

new areas.

one

two

know I

had

and

a
better town, a better
better state. And I am
proud to say that the public util¬
ities—your public utilities, directly
owned by three million Ameri¬
cans
and indirectly through par¬
ticipation in insurance over 90
million—are doing their best to¬
day to lend their ideas to area
development.

customers

and

capacity to
since

the

will

these

end

the

war.
are

legitimate

occasions

for satisfaction.
They
give us an opportunity for
self
appraisal
and
for
future
planning.

also

The electric

said.

There
in

measurement

industry

utility management.
special character¬

Three

istics

function

our

the

measurement

this

cities—this

countryside, the
critical factor in
success

this

area,

the formula

for

town or mine,
state, or indeed,

your

that

its

our

area

portance and frequently will out¬

back into the turnpike trend. The

shows that in 1777 people were
water-conscious. The harbors and

toll highways of today are good
price factor in deter¬
securities on the market, because
mining customer attitudes.
they fill a public need — they
Essential
Service
A utility
speed people and products across
must supply
all customers who
the miles,
over
and under the
wish to purchase its service and
crossroads, through mountains and
it must remain in its service area.
past congestion which slows down
It cannot pack up and leave if
commerce.
conditions are not satisfactory—
I
believe today we are
in a
it must help to improve them.

the

channels

The

driver

willing

premium price for
road

it is

With

you

like,

ACTIVE TRADING MARKETS

shall

the

generous

—

way

and
we

first

our

who

man

lives

old

still

has

ished because it
and

was

settled

the coast

early. Ship¬
building became a big industry
here, and then iron forges and
farming and textiles — so the
Colonists would have things to
was

with

trade
over

the

ocean

rest

Well, the next big
of

railroads.

the

hundred

the

15 BROAD

era was

This

later
development of this
years

map

ahead at that time. Railroad

our

correspondents in Chicago, Hartford, Los Angeles,

Today this nice little corner of
is only 60 miles
across and 60 miles up and down

America—which
—has

network

railroads.
is

And what

400
an

miles

for

its

Jersey gears
greatest advancement
development.

industrial

with

are
so
proud of our rail¬
re-awakening here, I must
show you a shot or two of the
equipment with which the Jersey
Central and Pennsylvania-Read¬
ing are streamlining their serv-

road

Continued

page

Exempt from present Federal Income Taxes

Milwaukee, New Haven, San Francisco, and St. Louis

THE

DEPARTMENT

NATIONAL

CITY

NEW

BANK

YORK

Pine Street Corner of Nassau
Tel. HAnover 2-6000

asset this

southern New

typical

CHASE

men

from Camden.

Bell System Tel. NY 1-752

THE
Wires

practically founded Atlantic City,
and here [demonstrating]
is the
first train to come to Atlantic City

BOND

Direct Private

that
of

shows why
area moved

STREET, NEW YORK 5, N. Y.

BOwling Green 9-3100

world

lanes.

STATE AND MUNICIPAL BONDS
Interest

old

Underwriters, Distributors and Dealers

Co.

turnpike.
the legal

UNLISTED SECURITIES

turn¬

extensive list of

MEMBER NEW YORK STOCK EXCHANGE

back

right today to put a gate across
the road and charge you a toll
to pass by.
But we had a dozen seaports
and deep rivers. The area flour¬

before

illustrate
slides

have

claims

to illustrate the point. If you

Kodachrome

like to

convention

invited

did

gate-house

modern, safe

setting,

this

old

where and when he

this

why

tortuous.

was

you

from

privileged

shows

slide

travel

pikes then, however. And I know

wants it.

We maintain

much

stage coach like this, over crude
dirst
roads
and
paths?
Forty
bumpy miles a day!

these

use

other

would

home

not

—

transportation.

overland
How

shown

are

overland

—

facilities. This is interpreted that
the motorist is willing to pay a

Eastman, Dillon

back

way

that the very history
here in southern New

to customers is of paramount im¬

—

slides, two-at-

The first two take
to remind

this great land of ours.

—

shall have

time.

Perhaps we Americans are dis¬ Jersey is the history of its trans¬
playing our recognition of this portation. Your home state too.
great truth again as we swing
This
old
map
on
your
right

are:

Importance of Service—Service

weigh

Anniversaries

have

serve

munity,
standard

industry recognizes
responsibility to the area it
serves. We are planning now for
But that's only part of the story
period of development of new
the growth which is certain to
of a
better place
to live.
The
Public Interest—The fact that a areas
of
our
country by
new
other part of the story is you— come. The simple reason is: Ours
utility operates in the public in¬ super-highways which will exceed
is a business greatly affected by
Mr. and Mrs. American citizen.
terest
must
be
given
primary the growth caused by the railroad
Especially you people here—you population. Do you realize that in consideration in management ac¬
era.
1963 there will be 28 million more
who are thought leaders — you
tions.
Management has a duty
The United States is experienc¬
people in the United States than
who
are
so
esteemed
in
your
toward
the
entire
environment
ing now one of the most feverish
there are today? This means that
communities
you who are so
where the company serves. There
transportation booms in its his¬
in this 10-year period our popu¬
good at reading fine print and
are
three areas of responsibility:
tory. Almost everyone today sees
lation is going to grow as much
figuring complicated problems, so
this construction as the answer to
(1) Area of Government.
as
it did in the 20-year period
quick to calculate one-eighth of
the
nation's
between 1930 and 1950. There will
pressing
highway
(2) General welfare—the area
a percentage point to six decimal
be a new army of consumers, not of
educational, health, cultural, problems. There are over 1,000
places.
miles
of
these
pay-as-you-go
just for electric service but for spiritual, and social needs of the
You
know
that
this year
is
roads now being built at a cost of
food, housing, clothing, furniture, community.
Light's
Diamond
Jubilee.
The
$li/2 billion and almost 1,000 miles
schools, etc., equivalent to the
(3) Area of physical character¬
electric industry is celebrating a
now in operation. The Commerce
total number of people who lived istics
the development of the
series of milestones in its history.
Department's study of the poten¬
in New York, Pennsylvania and
area.
These not only constitute a tribute
tial of toll roads indicates that
New Jersey combined in 1950.
Area Development
to
the
accomplishments of the
10,000 miles of urban roads are
A
shorter look
at
population
Area
past but also give an indication of
development has
many suitable for this
type of develop¬
growth. In the next four years aspects. The greatest is not elec¬
even greater progress in the years
ment—cost about $8 billion. This
the population increase will be
ahead.
During
these
75
years
tricity, it is transportation. This would bring the total toll high¬
since Thomas Edison invented his greater than the total population is so true in southern New Jersey
ways up to 12,000 miles — cost
incandescent lamp, electric power of the New England states in 1950. where I've had the responsibility
estimated at $10 billion and they
If we plan properly now and
has become an integral part of
with others in our company to would
carry
well over Yz
the
our
civilization—so much that it sell smartly, can we have a de¬
apply leadership in development. total traffic on the rural sections
is difficult to imagine life without pression
with
all
these
new
of our interstate system.
Transportation:
The
efficiency
buyers? I don't think so.
This is significant, I believe, in
♦An address
by Mr. England before
with which we carry people and
The electric utility
recognizes
that, with a toll of from 1 to \Yi$
the National Security Traders Associa¬
across
the waters, the a mile, equivalent to a gasoline
responsibility
to
the
com¬ products
tion, Atlantic City, N. J., Sept. 23, 1954. its
tax of 15 to 220 a gallon,
the

Tel.

said
when

I came."

it.
the

something better and brighter.

Ideas

her

edly the lady made
plunge into her gown

given to the
free

ing

one

ushering in

aloud, "I

been

has

planning for growth that is to

special re¬
sponsibility
.that

year

jubilee, reviews the electric industry's responsibility to the

is?

that

Jersey utility executive, citing this

stop

think

Bell

System Teletype NY

1-1010

Convention Number

Reappraisal of the Stock Market Outlook

During the past 13 months, we
have
cf

had

the

one

another

risks

two

emphasizing

facets

the

for

any

Bullish Considerations

many-

Mr.

outlook

Summer
of

tition and reduced

1953,
the

Dow

were

Jones

cites:

d icula

advance

points,

Anthony

GauM.

was

in past;

blue chips;

wide_

rent

group

the

was

everything

other.

attention to the fact that their

approach had been proved
misleading than helpful for

more
more

than 15 years.

from

learn

ples of

tendency

single

approach

is,

human

common

emphasize
of course,

the

error.

the

above

mass errors are,

exam-

first of all,

"Beware of the obvious."

It is

for this reason, of course,

that the
"contrary opinion"
approach is
right so very often—and also why
it can occasionally be very wrong
n,,rMntr

The

scarcity of stocks, and that

were

"new

from

era"

business cycle standpoint.
In the
1933-1934
period, the socialistic
overtones
gram

the

New

being

were

Deal

pro¬

emphasized

the only thing that mattered, and

they

supposedly

sizable
prices.
(An

than

would

advance

any

preclude
in

stock

advance
of
more
was
witnessed
by

100%

March, 1937.) By early in the lat¬
ter year, just when the market
was
getting set for the second
largest

bear

market

record,

that the

„oo+

.uurmg

past

have sensed

iew

monms,

growth in the
membership of the school which

until

of 1955

summer

found

This could

that

the

stock

holds

market

relation

cur¬

tive

agree
fnrtnr«

mands

that the principal bearish but
nr#»

above

450

show

may

up more

(1) At the September high of

The

tration's

indicated

monetary policies,

defence

for

desire

try to
keep control of Congress in the
forthcoming mid-term elections.
This theory leads to the conclusion

that

will

the

stock

upward

market

trend

the

until around

This

resistance,
nil

urpvp

motivated" bv

November

European

the

were

lay the groundrising stock market
during the very important elec¬
tion year of 1956.

guilty of overemphasizing certain
Timing cvcles in early 1950, when

national

debt

foreseeable

future.

(Our

tjmes

™

the

k Q,

Berj0(j

b'ck

the

an(j

„

market

were

low."

when
We

1949-1951

advance

majority of stocks
one-half

had

never

interest

was

rates

ourselves

the

for

only about

this

This

"With

income

taxes

investors prefer tax
exempt bonds to stocks yielding
many

*ess "*an

own

could lead to

(2) Trend lines drawn through
bull
market
highs touched
since 1900 and excluding only the
___

period,

would

recall

that

similar

Carl M.

This in turn

have

reviewed

the

above

record

unfavorable factors such

500

have
be

to advance

vulnerable

general

stantial

even

not

our own

mistakes.

The lessons

yields

price-earnings ratios were
being ignored partly because it
was

outlines

brought

siandDoint

obvious that there

goods;

pent-up

but

also

was a

Continued

Exchange and other leading Exchanges

for

demand

because

PRIVATE

Administration will

see

WIRE

SYSTEM

the

widespread feeling that "The Tru¬
man

NEW YORK 5, N. Y.

sub¬

immediate

Providing

to it

access

Primary

Markets

through

Offices,
United States

Branch

Correspondents and their connections in 90 Cities throughout the
hotel st. regis,

memphis, tenn.

new york city

new york

STATE

geneva

ELM IRA

AUBURN

hornell

ithaca

(New Orleans, Atlanta,

MUNICIPAL

Beer

state

middletown

<S>

Baton Rouge, Dallas,

Company

syracuse

utica

watertown

Borland

Co.

W. L.

Jackson, Memphis,
Clarksville

♦

Chicago

Co.

Miller &

{

Parkersburg

Lyons 4 Co.

Mead,

I Nashville, Knoxville,
Chaplin

Johnston, Lemon 4 Co.——.

MEMBER

Chapman

Waller C. Hardy & Co.—Charleston,

Chicago

f Denver, Colorado Springs,
Chicago

Boettcher & Co

BONDS

Chattanooga

Elder & Co.
Far well,

ILongview, Tyler
Betts,

FEDERAL DEPOSIT

london,england

lima, peru

CORRESPONDENTS

and

Eitablithed 1811

Loeb, Rhoades & Co.

42 WALL STREET

Baltimore

Pittsburgh

Floor. Jeffrey 4 H.pwood

{

E. W. Clark 4 C.

{

Preset 4 Co.

INSURANCE CORPORATION

{ fSSZ&S!?-*

C.oley & Co.
Dallas

Rupe

\St. Louie, Clayton,

•Springfield, Houston,
t Little
Rock, Belleville

A. G. Edwards & Sons

Municipal Bond Department
Head
55

Office:

The National

Wall Street

New York City

City Bank

of New York
Bell

Teletype NY 1-708

FOREIGN
Greenshields

Paulo

A. Bromberg

<$>

Dallas

Son

{ San Francisco, Los Angeles,
\ San Jose, Beverly Hills

CORRESPONDENTS

Co.—Montreal, Canada

T. A. Richardson & Co

Sutro

Toronto, Canada

Sao Paulo, Brazil

<S>

I
<*>

Julio C. A Diego Roldos
Fraser & Co.

we™

price-earn-

above

from

about

and

only because it has a bear¬
ing on the outlook at this time.
History tends to repeat itself in

detail, and we can only learn by
studying history and analyzing

has

improvement

Members Hew Yor\ Stoc\

which

dence
the

later,

new

.....

sooner or

are, ,lke'y 4° e^abl'sha new nor"
mal ™hlch relectf tbe creased
ff6™1 p"ca leve1' value of the
te™s °<
the indicated

blocking of further

stocks are definitely in dangerous might reverse the trend in confidustrials above 350.

to end

moves by the Administration in dollar, the Dow-Jones Industrials
the direction of a more favorable

that business climate.

suggest

territory with the Dow-Jones In-

arguments were quite prevalent
in early 1946, when many basic

"Beware of the Obvious"

ewwv

imme-

profits, and therefore stock prices,

productive capacity.

(5) Loss of control of Congress
by the Republicans in November

5%.

that

means

assumptions behind
of reasoning. It might

type
well

over.

rising

and unproved

bear

for

world

still

6.0%.

high,

QW7

than

Limitations of space preclude a
full discussion of the dangerous

the

tremendous

the

national de^is" now

deflated and their surplus goods
to enter into competition with our

1927-1930

in order to

average,

yield basis of roughly 5.5%

pora7vPstimulLtsrTrfeewitMrawn"
work

our

the

and

by the indications that we will
see any substantial reductions

economies in

about 10 times earnings, and on a

elections, but that a
major market decline might well

ment that

Dow-

well above the discontinued, will result in tre- " " during the 11 v'^rs
price-earnings ratiosof the mendous pressures in world mar- diately following the jv.tr
-seven years, when stocks met k ts
European economies are all wars!")

«%•

deflationary
well as the

•.

the

not

(4)

for

Average.

following the World War I and the
previous postwar inflations —
(which were financed largely by
Private and therefore temporary
borrowing) we now appear to be
on & permanently inflated price
clearly in level. This conclusion is support-

"IQ't't

thpsp'

the

stock

(2) In contrast with the periods

With postwar pent-up delargely satisfied, competition is increasing with the result
The Bearish Factors
that profit margins are shrinking,
If we try to look at both sides This trend has been obscured to
of the market picture at this time, some extent during 1954, with
we believe that most people will
the ending of excess-profits taxes,
(3)

return

prices
earnings. During
this
13
year
period, the DowJones Industrials sold at highs of
17
or
more
times
earnings at
sometime during each
year.
A
high of 17 times the current level
of
earnings for this group of
stocks would mean a price objec¬

of 1928-29.

mean

levels

1927-1939

first quarter of 1956, with

until the November elections!"

mid-1953 reversal of the Adminis-

the popular cliche was the state¬

"We have

Democrats

it necessary to give
weight to the views of the
conservative wing of that party.

Spring and Summer of 1929, many seems to believe that the inter- 365 for the Dow-Jones Industrials, are being artificially supported
people felt (and acted on the mediate trend of the stock market ^is Average was equal to about by our very large foreign expenconclusion) that nothing mattered can and is being controlled or J3-5 t'^es the indicated earnings ditures which it continued, must
except the fact that institutional dominated by political considera- 'or b°tb '953 and 1954. The cur- inevitably adversely affect our
tions.
The reasoning is that the ^nt
investors
had
yield was approximately own standard of living; and when
helped to bring
about

bolstered

being

Jones Industrial
can

readjustment was
inevitable, while
the Dow Theorists generally paid
conceded

run

three-million share days and public confidence

One

ignoring
virtually
but the fact that a

minor business

Concludes that, subject to intermediate reactions,

bull market will

hand, and Dow Theory

one

evidence

have

(5) historical interaction between monetary policies and markets

prices among business economists
the

the

cyclical turning points, and (6) long-term growth in institutional and other

demand for equities.

technicians

since the election of a Republican

(4) volume factors and divergence between low-priced stocks and

spread spirit of caution and pes¬
simism as to the outlook for stock
on

the

President

As bullish considerations he

Average; (2) permanent inflations of price level; (3) lower dividend yields

there

in the fu¬
American economy

confidence

than 100

(1) The gradual but pronounced
revival
ture

(1) Historical price-earnings peaks suggesting possibility of 450 for D-J

the

verge
of an
almost
perp e n

considerations are these:

profits; (4) potential deflation of European economies, and

(5) possible Republican defeat in November.

strials

(1) Current

(2) historically high

years;

and

when

follows:

Turning to the bullish s'de, we
believe that the most important

level of averages; (3) satisfaction of postwar demands, with increased compe¬

market. In the

Gaubis lists bearish factors in market picture as

price-earnings ratios well above those of recent

stock

the

Fall

months.

Investment Counselor, New York City

appraising

the

ings relationships of the past 12

By ANTHONY GAUBIS

demonstration

sided problem

THE COMMERCIAL and FINANCIAL CHRONICLE

Montevideo, Uruguay

Singapore, Straits Settlements

Yamaichi Securities Co., Ltd—

Tokyo, Japan

page

THE COMMERCIAL and FINANCIAL CHRONICLE

The

Corporate Bond Market and Arbitrage

In its narrowest sense,

simply

arbitrage
the purchase of a

means

Thursday, October 14, 1954

Partner, Gartman, Rose & Co., New York City

Mr. Gartman describes

an¬

bonds issued under reorganization

profit. Arbi¬

trage

this
the

type

arbitrage transactions relating to convertible bonds and

cess

bond offering, and points out

that arbitrage in the convertible

largely

aca¬

demic because

bond

nal

Gartman

of gain is

usu-

allyinthe
city of origiand

issue

interestdoes
not spread outside that area. How-

templated
future

date.

issued

some

ordinarily find
this latter situation when convert-

tries and the United States.

to stockholders via a subscription
privilege. We also find this type

three

bonds

corporate

issued

are

tion of issues.

broad

Convertible bonds are sold in
one of three manners, other than

transactions;'

those issued under reorganization

Under the first classification

regular corporate issue in that it
is

generally unsecured and is exchangeable usually for the comstock of the company at a set

mon

price

which

wards

after

may

specific

scaled

erally the

same as a

up-

periods

time. The other features

arbitrage

proceedings; directly by the corP°ration to purchasers, through
underwriting groups to investors,
or via subscription privilege given
usually to the equity owners of
the corporation. The latter form
of offering may or may not be

but

they should have yielded about
3%% at the time of offering. Yet
the corporation was able to put
a 31/8% coupon on the bond, due
to the conversion privilege. The

cor¬

There

are

non-

the

are

familiar

how corporate bonds

know

are

with

priced

common

number of

reasons

dise for the "Wall Street Frater-

105
♦A

lecture

Fourth

Annual

American
sored
tion

Mr.

Forum

bond

convertible

lege, even though at the time it

the

into stock at 100 and the invest- had no immediate value.

Finance

for

ment value of the bond is 100, you

mentioned

by the Joint Committee on EducaThe American Securi-

representing

Administration

New

York

versity, New York City,

Uni¬

102

and yet
convertible

are

Those who wish to dispose of their
rights do have a direct effect on
the price of the bonds. The rights
are bought either by old stock-

holders who wish to increase their
new investors, or
or a combination

of all three,

the

sale

con-

have

substantially and
apparently is willing
this nine point premium

gone

the investor
pay

investment

over

the

offering

upon a number of factors. The amount of credit avail-

value

for

call

stock at 45,

above

which is still 10%
present market price.

the

So in
a

effect, in addition to paying
premium above investment

value, the purchaser must
stock advance
before

the

see

minimum of 10%

conversion

feature

have value.

would

Bonds Under Arbitrage Pressure

have

pointed

that have

sold

out

two

bonds

premiums over
conversion value. I might mention
a

series of bonds that have

never

sold subtantially above such con¬
version feature, namely, American

Telephone

success

Telegraph

bonds.

The reason—since the last

war

the

Telephone company has issued

ap¬

proximately $2V2 billion principal
amount of convertible bonds.

The

conversion

price is always under
the market, but due to the large

able to take up a new issue of any
amount
of
bonds
continuously
substantial proportion is of paramount import. This credit is avail- being floated, they always sold on
conversion parity. By conversion
able in two forms, either borrowing from banks or through a spe- parity I mean that if the bonds
were convertible into stock at
140,
cial Federal Reserve proviso
and the stock was selling at 160,
wherein a rightholder need put
the bonds had a 20 point* conver¬
up only 25% of his subscription
sion

price.
Times

industry and Grand
particular has experi¬
tremendous growth in

The

store

enced

mediate value at the time of issuance. Arbitrage takes place at that
moment, and the effect marketwise is varied, depending upon
the bond market and stock market
conditions existent at the time. If
a rightholder wishes to subscribe
to his portion of bonds, naturally
it has no effect on the market.

each day

naturally

change

may present

and

vertibles through the medium of set of circumstances. For example,
'eSe Is worth a minimum of five rjghts. Usually that is the general in 1953, when the administration
points at the +
time of issuance.
* —
...
„
form because the indenture pro- policy of the government was to
A specific example of pricing visions of the average
corporation tighten credit, and interest rates
is an issue brought out in June of
provide that if there be possible were on the way up, there were

value,

and

traded

that

price, namely, 120.
Since

different

Coll."1 anrfiniv^^sTno" ?an SCe that4Uthe conversion privi-

ties Business at Graduate School of Busi¬
ness

the

and

Gartman

They

past years. Securities in this group

nity" to retail. An even more im- dependent

stock and the

investment

than

111.

common stock
could cause such
dilution. Usually rights have im-

reception. It was a small
a new piece of merchanFactors in Success of an Offering

marketwise, based upon credit portant factor was that Vanadium
simultaneous purchase of the bond standing of the obligor, the cou- common stock has always been
which is or is expected to be ex- P°n rate> the maturity date and highly volatile. At the same time,
changeable for the stock sold. The yiel(Js available on comparable the corporation was sharing in
security sold may be issued and issues. Convertible bonds have an- the romance surrounding all seoutstanding or it may be traded on °ther price determinant, namely, curities connected with the atomic
what is known as a "when, as and the terms of the conversion privi- energy field. All these dynamic
if" basis, which means that under leSe- For example, if the common characteristics gave a market cona proposed plan of issuance or restock of a corporation is selling at sideration to the conversion privisale of the

chain

issue and

Pricing of Corporate Bonds

Union

%
.c*
.b
stock dilution, the common should
receive prior subscription privileges. A bond convertible into

issue was an immediate success commitment, by
and traded at 104.
by arbitrageurs,

underwritten,

You

operation

privilege,

there was a real value given marketwise, even though the stock was
selling below the conversion price,
The bonds were rated B-l by
Standard and Poor's, which meant

for that

convertible issue.
The

Convertible Bond Offerings

the

conversion

gen-

are

straight

are

trading in the field of reorganiza-

convertible

convertible bond differs from the

-f-;

time of offering,
was selling at 58, so
arithmetically there was no value

categories; firstly, as
issues, secondly,
under plans of reorganization, and
thirdly, in hedging and switching
to

much

not

ently selling at 41. The reason for
this premium is that the entire

secured debenture bonds offered
at 100% of principal, convertible
into common stock at $65 per

the

3V2S

common^

be over-valued, and the opportunity

stocks

common

this year, Vanadium Corporation
of America 3 Vss. They were un-

share, At
the stock

are

into stock at $45 per share, pres¬

;

con-

ible

As applied to corporate bonds,
arbitrage may be divided into

100

ex¬

Union

high. Con¬

effect when

organization, the security is

in all

case

current

value, the bond is probably worth

often not enough to justify the premium paid.

ever,

in stocks there is active arbitraging between foreign coun-

cludes conversion privilege is prone to

primary

market for

sells

only has

porate bond market

bonds which

stockholders.

suc¬

is the

be the Grand

may

being offered

bond field is

the

every

reverse.

bond yields
convertible

immediate enthusi¬

convertible

the problem of pricing of

bonds and fixing of the conversion ratio. Outlines facts in the

corporate

plans. Takes

ample

the

easy,

and

astic response, as
"bull"
markets.

other locale at
a

much

very

issue meets

Members, New York Stock Exchange

simultaneous
sale in

rather
is

down,

are

the

and

Credit

security or commodity, or even
money itself in one geographical
area

tion

By MORTIMER J. GARTMAN*

were

the

last

about 200%, but

earnings
we have

severe common

stock di¬

had such

war,

lution in the form of

the number of shares

since

the

end

increase in

outstanding

the

war

from

two large issues of bonds offered

about 20 million shares to 47 mil¬

with

lion

present time.
earnings per
$10 to $12
range. With this dilution the stock

prior rights to stockholders,
Phillips Petroleum and Southern

The

Natural

Complete Brokerage Service

105

were

PRIMARY MARKETS MAINTAINED

Trading started at
instance, and by the
rights expired the bonds

gas.

each

time the

down

100

and

the

rights

lost their entire value. The under¬

writers had to take up their pro¬

our

portion of

large amount of

un¬

subscribed

bonds, but were for¬
tunate in being able to dispose of
them immediately after the sub¬
scription books were closed.

UNLISTED DEPARTMENT
in

At the present

BANK, INSURANCE

the

had

effect

was

stayed

that

the

dynamic character and in¬
premium
for the conversion privilege. While
the stock has been continuously
under arbitrage pressure due to
no

vestors would not pay a

bond

conversions,

theless

$175

risen

from

has

about

share in the past few
This price increment has

per

years.

Continued

time, the situa-

or?

and

SELECTED INDUSTRIAL STOCKS
DIRECT PRIVATE WIRES TO
MONTREAL AND TORONTO
DIRECT PRIVATE WIRES TO

CORRESPONDENTS IN FOLLOWING CITIES
Los Angeles
Hartford

Boston

Philadelphia

Worcester

Providence

Chicago

San Francisco

New Haven

Adler, Coleman & Co

Meriden

Members New York Stock

Exchange

Members American Stock

Exchange

AJlUQk&d
ESTABLISHED

1865

Members New York Stock Exchange and other

leading Domestic and Canadian Exchanges
1 Wall Street

New York 5

DIgby 4-2525

15 Broad Street,

never¬

$150 to

New York 5

HAnovtr 2-9780

page

Convention Number

Universal
Today,

Europe's

other

than

best

the

Convertibility—Not Now, Bnt Some Day
By

currency

MELCHOIR

the

PALYI

"pure

Dr.

most

country
the

years

case

means

currency, now on a

three things: (1) external

factor in European

Britain's reluctance to

doldrums.;
again,

other countries.

once

million, which is what the
Russian occupation forces still are
taking out of her balance of pay¬
ments.

Yet, on the free market
in Zurich, the Austrian schilling
is quoted at or above par. There
less

blocked

than

any

other European currency. And the

Austria

did,

effect

What

has

score

attri¬

capital
But

govern¬

not

criticism

having fore¬

unforeseeable.

the

political

be withdrawn, and

Which

convertibility restoration holding back action of

involved.

aspects

tude.

run,

—

front

Lastly, it reopens
the
channels of genuine foreign in¬
vestments, thus attracting fresh
capital from abroad.
of

American

America,
a
unity
which is worthy of better pur¬
poses.
As to Britain herself, the
problem there is the precarious
majority of the Conservatives and
has

Europe

ments.

Factor

political issue of the first magni¬
For one thing, no European
country would want to antagonize
Britain by proceeding without her
consent.
In
that
respect, as a

universal convertibility

The

convertibility

Europe,

common

what

against
acquired

the fact that within

Aid

year

so,

general elections will be coming
However, uncertainty there is,
for the express purpose of slow¬ inflation, and there is no capital
and
of
a
very
basic ' nature. up. As it is, Labor is thoroughly
ing down the influx of "switch" flight.
Though it is rarely admitted, the opposed
to
convertibility
and
pounds.) But at the late Septem¬
But the most important worry last two years' recovery of the
threatens to annul it if it comes
ber meeting of the International
to some Europeans is their bal¬ European currencies was
to no
Monetary Fund, all hopes were ance of trade. What if the terms small extent due to continued in power. Should the introduction
squashed: there is no prospect of of trade should turn against them? American aid in one form or of pound convertibility be accom¬
the leading European currencies'
Or
if
an
American
depression, another. Our global aid must be panied by any reversal in em¬
return to convertibility, even to a that
undying
bugaboo,
should running into $8-$9 billion annu¬
ployment and in prosperity, the
partial one,
in the foreseeable break out? Their gold and dollar ally, if all the hidden and in¬
future.
visible
reserves soon might be exhausted;
ends
of
it are counted. repercussions may be too costly
,.t

balance of payment is
in equilibrium; the cen¬
tral bank actually keeps gaining
Britain has vetoed it, notwith¬
more
gold and dollars than can standing the American offer of a
be explained even by the remark¬
huge
support
fund,
and
even
able surplus in the country's for¬
though Germany and the Low
trade
eign
(including
tourist Countries were ready to proceed.
traffic).
But the British veto had the con¬
country's

not only

major

brings us to the aspect of the
European convertibility issue that
is most important: the domestic

time,

SI20

the

seen

will have to be restored.

devalued^
American

negligible.

selves and be exposed to

con¬

convertibility basis. Says

recovery, may

safety at his choice. If the lesson
aid to Austria would bring about a major inflow taught anything, it is this: that
Dr.
Melchior
Palyi
stopped; and of capital and provide additional capital flight is not a genuine
she
receives foreign exchange reserves for fu¬ force determining the balance of
no
military aid of any sort. In¬ ture emergencies. (In fact, the payments, but merely a conse¬
stead, she is forced, in effect, to Bank of England's discount rate quence of other circumstances—
export capital to the tune of some was lowered to 3% last summer of inflation, in particular. Stop

currency

non-resident convertibility;

Concludes, however, in the long

currency

that

all

factor in restoring

the
sees

its

of Austrian

Holds American aid,

financial

(2) right to export capital, and (3) favorable and safe balance of payments.

two

ago,

was

convertibility

north
Alps.

Only

was

vertibility, cites

backward

Palyi, in pointing out confidence

indus¬

trially

ments do not like to reverse them¬

—

and

risk

tion

gold"
Swiss franc
is the schilling of
Austria, the money of the poorest

—

THE COMMERCIAL and FINANCIAL CHRONICLE

Sterling

And

aid

particular, are too nar¬
row
for
a
safety
margin.
Of
course, nothing is
certain about
the future, and if absolute safety
of the currency reserves is the

tries

often

$3 billion for the entire
Area, in

shore"

aid

non-European
turns

out

the

coun¬

to the Conservatives.

"off¬

There

the

rub:

re-introduc¬

In tion of
convertibility is not with¬
other words, American aid is the
out painful consequences.
Under
marginal factor
on
which the
strength or weakness of a large the protective umbrella of ex¬
condition under which converti¬ number of currencies depends at
change restrictions
and
import
bility can be established, it may present.
strangulations,
entire
industries
as well never be
established.
But
as
of late, this
artificial have grown up in the respective
The discussion about converti¬
pillar of international trade has countries. The ultimate meaning
bility tends to overlook the essen¬
tial point, which is that it implies become subject to doubt. If no of convertibility is that these hot¬
stabilization: no more overhang¬ German army materializes, as it house industries either have to be
Europeans.

that sent of the French—whose fiscal
deficit promises to reach 1,000 bil¬
ling. The Austrians take their lion francs
(whatever that is)
flight money back home, which is next year—of the Italians and the
what brings excess foreign ex¬ Scandinavians.
change
into
the
country
(and
The Meaning of Convertibility
creates, incidentally, a liquidity
problem of the first order). Con¬
Leaving aside all technicalities,
devaluation.
That is what well may not, American assist¬ liquidated, or must reduce their
fidence
was
restored
because convertibility means three things. ing
to
Europe
will fall
off costs
In the first place, it means what permits the return of confidence ance
monetary manipulations had
drastically. That is where
ceased; the budget was balanced; is called external or non-resident and
reversal
of
capital flight, sharply. And there are other in¬ the resistance against monetary
the interest rate had been sub¬
uncertainties.
An
convertibility: the right of the while under inconvertibility, parts ternational
freedom
centers.
Foreign
ex¬
stantially raised—temporarily to
Swede who sold pulp to Britain of the
of our
respective currency depre¬ "agonizing reappraisal"
change controls are, in effect,
6V2%;
wages
and
farm
prices
to use the pound sterling proceeds
ciate, thus creating the menace commitments in the West — or nothing but gigantic tariffs which
had been stabilized; foreign trade
for
buying American machines. that the entire currency sooner an acute sharpening of the con¬ not
restrictions relaxed. In short, put¬
only reduce imports, but ac¬
At least that much of convertibil¬ or later will be devalued. More¬ flict in the Far East—may lead
tually prevent them. The vested
ting an end to inflation and re¬
ity was expected, but even that over, it implies adjustment in in¬ to a wave of fresh capital flight interests fostered for two decades
storing a good measure, of inter¬
concession did not materialize.
ternational trade and natural cor¬ from Europe. True, convertibility
national competition sufficed to
Continued on page 92
could be stopped overnight, and
Secondly, it means the right tc rections in the balance of pay¬
confidence

happened

returned

re-establish

confidence

was

the

schil¬

cur¬

that had been reduced to a export capital. The danger is, as
small fraction of its former like¬ the British see it, that Wall Street
rency

and

ness,

country

the

borderline of Western civilization.
*

How
to

restore

rencies
the

much

Belgian

the

should

in cur¬

attract quite a little

private investments; and
that

temporary

emergency

deal of capital flight

case
a

any

great

might

occur.

mark, Note that the French have lived

German

franc,

of their

especially,

easier it

full confidence

would again

Dutch

the

with

legalized capital flight dur¬

guilder, and especially, the Brit¬
ish pound! In

market

Goldman, Sachs & Co.

ing the postwar era. The parallel

return

each of those cases,

convertibility—which is mitted

gold and

Frenchman

dollars
to

per¬

run

ESTABLISHED 1869

into

NEW YORK

Rights

Scrip

WHITEHALL 4-2300

PINE STREET

Warrants

REORGANIZATION

SECURITIES

MS Tonnell & Co.
MEMBERS
New

York

American

120

Stock

Exchange

Stock

REctor

2-7800

BRANCH OFFICES:
Buhl

Building, Detroit, Mich.

1 Press Plaza, Asbury Park, N. J,

254 Park Avenue,

ST.

LINCOLN-LIBERTY
LOCUST

FINANCIAL 6-3800

2-5430

BOATMAN'S

SALLE STREET

STATE

100

BUILDING

STREETT

CHESTNUT

4-3151

1-9070

New York

DETROIT

BUFFALO
RAND BUILDING

MADI80N 4514

728

FORD BUILDING

WOODWARD 2-6175

BUILDING

7-2062

ALBANY

LOUIS
BANK

Exchange

BROADWAY, NEW YORK 5
Tel.

208 SOUTH LA

FEDERAL STREET
LIBERTY

PHILADELPHIA

CHICAGO

BOSTON
75

THE COMMERCIAL and

Thursday, October 14, 1954

FINANCIAL CHRONICLE

Looking Ahead in the Chemical Industry
is

This

the

40th

York

State,

sense

Inc.
40th

New

ments?

By HARRY S. FERGUSON*

anniversy

Industries

Associated

Vice-President, Allied

Chemical

Dye

and

In a very real
anniversary for

Prominent

industry,
too, as 1914 is

chemical

that

date

might be said

industry,

beginnings of
a significant

and allied

chemical

than

dustry in this
sometimes

thought of

of birth of the domestic

$20 billion today. Illustrating

age"
but I hope
to prove in

since

growth ahead, Mr. Ferguson refers to

well

prove

that, 40

not,

middle-aged

about

busi¬

our

enables

be conservative in light

efforts.

didn't

amount

except
and

fact, however,

other

chemicals

had

gains

get

who

1914,

alkalies

made

since

handful of business

entists

heavy inorganic

which

siderable

much

for production
few

that

built
plant and was soon able
this country's entire

1900.

men

and

sci¬

then

were

established

con¬

trying to
the
organic

chemicals
tle

field, were making lit¬
headway against aggressive

German
world

interests

dominated

markets.

Part

handful,

Benzol

fact,

Products

Com¬

predecessor
companies, formed to manufacture
one

pany,

our

coal-tar intermediates.
was

major

1914

And

milestone

for

this

too.
A year ear¬
lier, Benzol ha.d produced aniline,

young company,

needs of aniline oil and salts.
Even so,

reduced the
own

price of aniline below

cost, forcing Benzol also

to operate at

tunately, the
in

even

month
war

the

loss,

company

face

quit.

For¬

persevered

heavv

losses

after month, and when the

cut

off

German

competition,

address

Mr.

Ferguson

the

Saranac

Inn, N. Y.f Sept. 25, 1954.

7,000 that

were

produced

few years ago, or even last year.

citizens

research

move

renewed

German domination of the Ameri¬
can

industry,

formation
1920.

led

Allied

part

Chemical

the
in

The founders, side by side
other foresighted
and de¬

with

termined men, wanted our coun¬

have

strong,

integrated,

self-sustaining

chemical industry
serve peacetime needs and
to
provide wartime security.

I'm
ous

sure

it would be presumptu¬

for anyone to attempt to cap¬

sule

the industry's progress

since
then or to play the prophet—and I
mean
(p-r-o-p-h-e-t).
He'd not

back

the

business—but

about

other subdivisions of the chemical

industry,

of them doing at
million worth of busi¬
year and
changing very

least
ness

most

$20

rapidly.

chemicals.

Almost

our

industry is turn¬

alone.
To

the

able

movement,

trends, is
can

single

and

absorb

all

this

keep track of

than

manage

—

What

mortal.

single
least
I

mor¬

this

will

some

at¬

of the

main currents, taking a closer look
now

the

basis,

and

you

then

may

either

developments

of special
as

interest

businessmen,

terms

consumption
example,

for

of some
On this

products.

major

the

average

today indirectly uses four

person

times

to cover
industry.

of an
it

sulfuric

did in

1914.

acid than he
show that

can

the value of chemicals and allied

slightly
less than
$2 billion in 1914 to
more than $20 billion today.
We
has

products

could

til

industrial

use

broadened,

un¬

how

show

chemicals

from

risen

has

single one of the
72 industrial groups listed by the
Department of Commerce is a
now

every

the

consumer

try's products.

chemical

indus¬

Or in terms of the

prosperity of our own state, we
point to the fact that chemi¬

can

cals in New York, at the most re¬

count, employed 75,000 peo¬
and stood sixth in rank of

ple

value

added

The
not

by manufacture.

impact

always

these

easy

see,

things is
because

most

chemicals—unlike

oil

cotton—tend to be invisible

the

finished

article

steel

not

are

popularly thought of as essentially
chemical.
A
nylon
bed
sheet
doesn't

announce

cestry,
v/ho

nor

it
in

the

its chemical

does bacon from

fattened

plemeted

feeds.

pig

this,
to

chemical industry to show

the public that progress in chemi¬
cals is intimately related to their
own

lives,

satisfaction

the

lationship

which

growth—just
growth
food,

It is this

determines

of
re¬

supplements
to

feed

reach

far

into

beyond

our

where

areas

play

men

tickets.

meal

any industry.
has chemistry done

for

health, clothing, shelter—
primary creature require¬

example of how

the

1914
farm

—

least

chicken

—

away
was

raised

broilers

about

three

billion

and

during a good part
chicken was the cheap¬

of the year

est entree in the markets. Chem¬
icals contributed in several ways.
The addition to poultry mash of
man-made

supplied
proper

and

vitamin

only

D, formerly
sunshine, the

sanitary chemicals,

the control of infectious

with

eases

enabled
raise

medicinal

the

his

birds

thousands

the

dis¬

chemicals,

chicken

farmer
in

multi¬

story
buildings.
By
enriching
grains and farm wastes with syn¬
thetic
the

amino

farmer

acids

and

vitamins,
charges far

his

gave

nutrition at far less cost.

But chemistry didn't stop there,
though with new feeds, the birds

furiously and in great good

grew

health.

The

step

the

was

discovery that antibiotics—just
teaspoonful

them

feed—would

ton

cut

mortality rates
10%, boost growth rate 10%, and

since

the
birds
get
maximum
value out of their feed, cut down
the amount needed 10%.
Someone
if

all

has

hogs

given

this

would

save

figured

and

supplement,
about

$50

that

out

chickens

were

farmers
million

year.

We hear

lot these days about

the prospect of starvation for the

the

future

because

the

birth rate is up to the point where
each

70,000

day

brings

into

the

world

mouths to feed—and

from limited acreage.

C.ontinued

With headon

page

Foreign Securities

NEW YORK

Foreign Investments
<j4/mAo(d mid fd. m/&wh?imde/i
dnc.
INVESTMENT

confinement,

acre

Company

Established 1922

delicacy for the most part to be
enjoyed by only the upper income
brackets on Sunday. But last year

Specialists in

cAllen

million

give

from

world
our

it determines the

What

the

feed

politics with

Back

sup-

special importance

an¬

chemically
Because

basic human needs.

with

this works.

ways

many

trace

capita

per

the scientific literature and trade
tal

One

are

development

cent

which

But, just to keep
complicated, they are not

chem¬

every

tempt to do. is trace

year.

with

example, are competitive in mak¬
ing
chemicals
for
anti-freeze

ucts

things

connection

company has a favorite con¬
tender in the big industrial mar¬
kets.
Nineteen
companies,
for

ing out some 7,000 different prod¬
a

1874

ical

fastest-growing end product lines
in

improving dyes, but hadn't been
screened for germ-killing ability
in all the intervening years. Then,
too, with competition intensified
by rapid growth, a single product
is apt to pop-up in a great many
places.
Phthalic anhydride, for
example, has tremendously broad¬
ened its uses, which now include
the production of linoleum, phar¬
maceuticals, paints, plastics and
dyes as well as a score of other

There

hand

malnutrition is rife and

Let

Industry

new

and

borders,

power

Development of Chemical

new

shows that it had first been made

threat

human be¬

ings.

into the market all the time,

find

people

the

postwar

simply

The

application for an old
one.
Take
sulfanilamide,
the
wonder drug of 1937.
Research

Currently
♦An

Fortieth Anniversary Convention of Asso¬
ciated Industries of New York State, Inc.,

same

shortages of dyes and
drugs were serious during World
War I.
This painful lesson, and

the
first
American-made
inter¬ only have to be an expert on ag¬
chemicals,
medicinal
mediate, with the aim of creating ricultural
a
synthetic resins and
dyestuff industry in this coun¬ chemicals,
and
man-made
textile
try.
But
before
it
could
get* plastics,
firmly established, the Germans fibers, to name just four of the
their

the

ones

supply

try

that

the

was

that

new

its capital,

increased

fewer farmers

can

own

Hand

people,
though available acreage has in¬
creased
very
little.
The future
significance of this accomplish¬
ment

Benzol

ness.

1914.

mechanization, today's use
fertilizers, seed fumigants,
insecticides,
weedkillers,

'here is noth¬

ing

life

of chemical

fungicides

of current research

nearly

are

American

century?

additional

does not appear unreasonable and may

farm

this short talk
Harry S. Ferguson

that

unrigs

chemical products and techniques
have helped work near miracles

envisaged by President's Materials Policy Commission,

about

tion, processing and preservation,

40% of all textiles will be synthetically produced by 1975, with

products by 1975,

—

done

Food is first, and in its produc¬

plastics slated for 800% increase. Holds 400% over-all increase of chemical

"middle

Chemicals and Food

time and

products has increased from less tfym $2 billion in 1914 to

estimates that

country. Forty
is

year

growth since that

phenomenal

its

recounts

the

Gueu

the 20th

points out excellent prospects for conti nued expansion. Says value of chemical

the

mark

industry executive, using 1914

has

fundamental

What

transportation and communication

Corporation

SECURITIES

30 Broad Street, New York

4, N. Y.

Telephone

Teletype

WHitehall 3-9200

NY 1-515

Convention Number

Mexico's
On

"New

word
a

Changing Attitude Toward Foreign Investors

September 29 a special dis¬
on
the financial page of

patch
the

York

from

THE COMMERCIAL and FINANCIAL CHRONICLE

Times''

Mexico

By HERBERT M. BRATTER

brought

that

Mr. Bratter

the

maintaining Mexico's recent compensatory rate increase to largest

Views of Sr. Martinez-Ostos

grant

its

the

Canadian-

encouraging reception by

well

company

domiciled

should

Mexican

Light
Power

Nacional

foreign domiciled privately-owned utility enterprise is highly important, cites

had

agreed

country."

gieat

uthorities

there

Government and World Bank officials,

our

spokesmen.

On question whether

move

goes

far

official

industrial-development

bank with

a large voice in power
development. Nacional Financiera
in 1953 agreed

Financiera

Nacional Financiera is Mexico's

make investment attractive to private Canadian, American and other

and

Co.

foreign capital, concludes

—

largely depends

answer

the bills. Cites economic study

pays

largest
privately
owned
public

indicating rate structure is

portant than financial promotion to

electric

increases

and

transporta-

best be summed up in

can

tion? Will "Mexlight," engaged on 'pie way: security and
Herbert

averaging
21.2%, to take

Bratter

large

expansion

program,
be
further upward

able

effect October 1. The

increase, the
reported, was intended
to compensate for the adverse ef¬

rate

adjustments if circumstances

dispatch

warrant?

fect

the

company's

for

due

the

devaluation

whose

earnings
of the

Will

the

stockholders went

common

decades

company,

without

the

tinned.

ing

quote from the

powerful
union.
talk

tion

their

item:

news

electricity

There

then

the

nas

that,

country

and

the undertak-

town

been successfully launched,
concerned "will

west

coast

time,

here

assurance

the

host
once

government

workers

both sides had

to say

Secretary Humphrey's Speech
Addressing the IBRD's panel
foreign investments in Wash¬
ington on Sept. 28 Secretary of
the Treasury Humphrey offered

that

c^a^ged atmosphere and that the
have

that

realized

"appears to
kind

vital

pace

service

Since

the

Private

annual

meeting of the World Bank
Monetary Fund
brought together in Washington

ernors

Mexican

officials

American

and

investor

national investment and also Gen¬
eral

Wm.

Chairman
seemed

comments

principal

Draper, Jr., present
the
company,
it

opportunity to gather
the significance of

real
change in Mexico's attitude to¬
ward the investments of private
citizens,
Mexicans
as
well
as
foreigners, in; public utilities and
other enterprises vital to the de¬
velopment of that fast growing
nation?

Specifically, will similar
be

treatment
utilities

signifies

accorded

fields

the

other
power,

Washington

times.

seven

The

to study and coordinate
vestment

special

in¬

mu-

nicipal hospital has installed

dra¬

the

and

dis¬

Sr.

his

replies

Martinez-Ostos

were as

Edgerton Comments

the

September

informed

tutes

Mexican

creditable

further

has increased costs in Mexico. To

action

evidence

constithe

in-

Light

means als0 a

tent

give
I

you
am

one

illustra¬

taking about.
our

loans

the

accord

Mexican

equitable

authorities

can

reasonably

Active

attract foreign investors
own
savings are seeking

hope to
if

its

shelter abroad.

...

What

are

treatment

private

capital

courage

foreign investors to make

and

will

en-

The

for

increase

the

purpose

from

abroad?

think

Continued

Trading Markets Maintained in

the

they

Investment Preferred Stocks

Securities
Trading Department, LOUIS A. GIBBS, Manager

Laird, Bissell & Meeds
NEW

TORK

AMERICAN

STOCK

EXCHANGE

STOCK

EXCHANGE

BROADWAY, NEW YORK 5, N. Y.

Bell Teletype NY 1-124849

Telephone BArclay 7-3500

Union Securities

DIRECT WIRE CONNECTIONS TO

TEFFT

BROTHERS

St., Springfield, Mass.

WOODCOCK, HESS & CO., INC.
123 S. Broad St., Philadelphia, Pa.

MITCHUM, TULLY & COMPANY
650 South Spring St., Los Angeles, Calif.
DD PONT BUILDING

WILMINGTON,

DEL.

44 WHITNEY AVE.

LINCOLN LIBERTY BUILDING

NEW HAVEN, CONN.

PHILADELPHIA, PA.

BOSTON
HARTFORD

Corporation

Broadway, New York 6

SCHIRMER, ATHERTON & CO.
' 49 Pearl St., Hartford, Conn.

SCHIRMER, ATHERTON A CO.
50 Congress St., Boston, Mass.
Main

BUFFALO

•

PHILADELPHIA

CLEVELAND

•

has

been

maintaining

the previous rate of earnings, that

Inquiries invited in all Unlisted Issues

1387

Corporate and Municipal Bonds

Over-the-Counter

120

rates

policies which attract private cap¬
ital

earn-

ings in terms of foreign exchange,

louder than words'
apt," he added.

country

Power

Eugene R. Black

Bank & Insurance Stocks

MEMBERS:

and

reduction in

was never more

"No

and

follows:

jeopardizing the principalor
slowing down the income of in¬
vestors. "The old saying that 'ac¬
speak

his personal

necessarily. repec^. those of his
colleagues in Mexico. Our questions to

from
of

istic

tions

that

have

age

Mexico

should

explained

study the
of

needs

cou^.speak only

"Chronicle":

"This

loans,

what

into

ages

view

light
the

concerns

emergence

those
He

needs

power

how

public in¬
and

Committee

(Q) What do you deem to be
the main significance of the re¬
Export-Import
cent rate increase for the Mexican
Bank's long and considerable re¬
Light and Power Co. as it bears
with
lations
Mexican
develop¬ on
the availability of additional
ment the comments of its present
foreign capital for further Mexi¬
managing director, General Glen
can development?
E.
Edgerton, are pertinent.
Of
(A)
"The recent
devaluation
the rate increase granted Mex¬

continued:

tion

dark

Black

our

General

lands

"Let

recently

Mexico,

appointed

financed.

light.'"

After

IBRD

Mr.

town

within

one

Government

three

electric

re-

frigerators and a modern fluoro-

witnessed

matic example
of what elec¬

its schools has

one

state¬

concerning the recent rate

foreign investors of national¬
trends
and
discrimination

the rate increase. Would it be fair
to conclude that it

rather

gave

wrought

George M. Humphrey

students in

there¬

action merit attention. Moreover,
Mr- Martinez-Ostos is at the same
time a member of the official Investment Committee established

He referred to the effect

is safe.

ciera,

ments

Na¬

Finan¬

whose

elec-

said:

tant

that

fore is

Raul Martinez-Ostos

tricity in Tecuala have risen from
just three to 33; the town has acquired a public library, a daily
newspaper, a radio station, and
a night school; Tecuala's popula¬
tion has trebled, and the number

the

Sept.

various

abletothe

inter¬

with

concerned

is
for

philanthropic
reasons, he
stated, but for
profit that is
freely
avail-

gov¬

and International

various

made

Vice-Presi¬
dent

re-

Governors

discussing the
wide range of
changes in

in¬

vestment

users

Ostos,

cional

The mayor of

areas.

discussed

not

recent

pol¬

in this review.

with demand.

course

backward

icy

keep

World

velopment
is
doing
for

Mexican

Industrial

the

some

opening address to the Board

•

back¬

suits:

are

Marti-

Mr.

Tecuala,
in
Mexico's
area.
In three years'

scope — the only
radius 0f 60 miies.

creased

the

President, in the

ground for the

company

the

Bank's

Black,

tric power de¬

form

in turn
has continued without interrup¬
tion its expansion program, which
is

Eugene

which

tions

foreign capital and private
enterprise
would
be
judged
mainly by action rather than by
what
officials
said
in
public

The

Mr.

Mexican

observa¬

some

words

about

speeches."

Wash¬

his

contributed to the

Government

the

meetings
any
Canadian
enough informed o:i
the subject to offer comment.

industry, a possibility
that is scarcely even mentioned
any more."
on

who felt well

possible nationaliza¬

The article went

find

ington

considerable

was

currency

nez

small diesel power plan;

of only 600 kilowatts generating
capacity. We financed the installation of this plant in the rural

takehome

own

unable

was

of the

Mexican

consid¬

eration.

tion of

the right of

There must be fair deal-

Federal

Electricity Commis
sion in Mexico—and the installa-

dividends
in not go back on their bargain and
—
Canadian through direct action or ruse or
sharp practice of any kind seek
"This is a far cry from the con¬ dollars?
These and other questions the to enlarge their fair share of the
ditions that prevailed only a little
writer put to various prominent or'ginal basis on which the
more than
a
joint
year ago, when the
company was at loggerheads not persons interested in the matter, enterprise was begun."
with the results reported below.
only with important sections of
Eugene Black Quotes
the
Government
but
with
the It should be noted that the writer
To

regular

count

sim-

ready
repatriation of principal
ana
aLiactive return," he con-

dividend, ing

able in the future to

last April.

count

further loan is
under

communications

rate

—

distribu¬

and

enter¬

prise

peso

construction
tion works.

industry's future.

energy

Mex¬

175,000,000 pesos for

im¬

lend

light

Mexican public which

Mexico's

utility

that

investments

additional

SYRACUSE

on page

THE COMMERCIAL and FINANCIAL CHRONICLE

We Must Abolish
Recently, many
made progress in

many

never

be achieved if the transi¬

liberal

forms

in-

ternational

neighbors, near and far, are prosperous and soundly established.

payments relations by ap-

Erhard

brought to other countries, whose

the

plying

strict

monetary
and financial policy. At the same
time, capital formation and the
resources

kets

are

mar-

countries have
interest

creased—even
which

securities

the

these

inrates

ency

in some countries, a tendto export private capital has

become apparent — a
trend which cannot fully develop

recently

for various

reasons,

of international

should

not the least

inadequate system

of which is the

payments.

express

great pleasure at this gratifying
development — not primarily because
the Federal Republic has
#

w.,

cu.ri«^"fethV WorifBa^
port,

Recent

however,

years,

have

representatives are present here,
a jess satisfying development. The
decline in the prices of raw materials since 1951 has created certain balance of

payments and in-

vestments

problems for some raw
material producing regions.

showing a more or less

distinctly downward trend. Moreover,

a part in it, but because it is
economic philosophy that it is
good for every country when its

Annual

rI"

Washington, Sept. 27, 1954.

Real Cooperation Needed
this situation, more than
ever, real cooperation is important, and cooperation promises
g00d results. I have studied with
great interest the excellent report
0f the World Bank, which, in a
very impressive way, renders an
account of its work in the past
in

year.

the

omies of so many countries. I be- brisk business activity throughout
lieve that here is an example of the world.
,
.
the application of the principles
.
,
„
......
of free enterprise and internatiign iiesponsiDimy to Act
tional solidarity without prece-.
This places a high responsibility and obligation upon the coun-

dent.

which

tries

ready

are

for

con-

now that conditions have
improved in at least a few countries.

capital

the foundations must be
iaid on both sides, by the potenBut

borrower.

and by the potential
International
capital

movements

can

tial

lender

only be achieved

the basis of confidence and a

In reading the report I be- workable system of international

vividly aware of how unique payments. A lot will still have to
institution is, whose funds, be done until it can be claimed
jointly contributed by many coun- that this basis is really estab-

the
to

economies.

national

achieve

been

always
have
tion

rewarded,

stimulus

the

countries

the

it.'

around

pver^here
orfier

relations

nom;P

tbeir

means

position to make their

extent

speed

the Bank

Fund

and

convertible
the

but

countries

the

nt,Hpr

fnr

pro¬

some

transition

be
j

readv for

wolllH

only

see

such

the guarantee of a truly
integration of the na¬

policy
tions

policy

the

overcoming
of

free

would

world.

Such

contribute to
sins and strains

also

the

Phillip J. Clark

firmiv

strongly'attractive

'can

arc

economic

can

large number

basic

the

rate

conditions

Discipline in financial and credit
a system of

policies is inherent in

free convertibility of currencies.
Convertibility is also the only in-

ternational payments system

per¬

mitting free international capital

long

exists,

the

cannot

will

Acceptances

Securities of the International Bank for

Underwriter

•

Development

Foreign Dollar Bonds

Distributor

Dealer

•

New York

Philadelphia

Boston

Pittsburgh

Cleveland

all.

for

evil

bilateralism

overcome

there

and

inherent in

system of true
order, which makes for sound na-

sure

Chicago

San Francisco

economies.

are

transition to convertibility until the ideal pattern
postpone

the

in accordance with its purposes as

all

conceivable

conditions

favorable

for
as

conditions

were

this

never

will

ment,

stimulate

private

position

phase

Association

ers

incom¬

members,

our

Security Trad¬
York for

of New

hospitality.

officers
are

and

committee

to be congratulated

the

"We regretted

seeing you all again at our 22nd
Annual

In closing, let me say just a few
on

|jon w^b
,

country's coopera-

our

Naturally, it

gank.
,

longer

time.

Convention

Septem¬

1955."

ber,

—Phillip J. Clark,
Amos C. Sudler & Co., Denver,

President of the NSTA.

NSTA Convention
Dates Announced
For 1955 and 1956

the future by assuming guarantees,
words

leaving your de¬

lightful city and look forward to

perfection of each function

planned for our entertainment.

investment

The National
ers

Security Trad¬

Association has announced

that

the

Annual

Convention

their generous

described in the Articles of Agree¬

has not ye* attamed the intensity
all countries is achieved, we shall of the work of other countries
never
attain that goal; it seems which have had the privilege of
to me, on the other hand, that the being members of the Bank for a

Canadian Bonds

and

once

the exchange control

not be that wholesome pres-

tional

Reconstruction and

collectivism

behalf

"On

want to thank the

"The

are
actually movement, so the fact that the
firm conviction Annual Meeting of the Bank and
that as long as exchange control Fund is held
jointly has more than
prevails in the free world it can¬ just superficial meaning.
not be truly free and none of us
In view of the steadily increas¬
will attain that degree of national
ing capacity of various countries
economic
efficiency
which
is for
capital export, it should be as¬
necessary to get rid of the danger
certained to what extent the Bank,

was

parable," said Mr. Clark.

members

convertibility

present. It is

Conven¬

Annual

21st

at Atlantic City

tion

Discipline Needed

are

same

their

from

trade

policy which still pre¬
vail— in fact, it would actually

cur¬

there

same

neither

doubt that in

any

for

Company Stocks

other

NSTA Tll<illl(S fd STANY
naiH ■ ■ItilllVO IU v I ftIII

rencies

Bank and Insurance

Bank

well.

lack strength

own

even

which'still

countries

multilateral

frpp

anfj

coun¬

tries

Utility and Railroad Corporations

cannot

npaHv

dpsir/

vivid

enforce their abolition.

Doubtless not all member

Bonds, Preferred and Common Stocks of Industrial,

which

abroad

""d oversea* 'that thermic

«o all continents and lished. Both of them are lacking. beli
stimulate the growth of the econ- Inflationary methods of financing, that

State, Municipal and Revenue Securities

the

purposes

convertibility to that world-wide

else in isolating a country eco¬
nomically from the assistance and

Bankers'

investment

fully satisfied.
Nevertheless,
are endeavoring to support the

and
I
satisfac¬

travels

own

the coljntries which

and its Instrumentalities

very

Courage

this

Securities of the United States Government

liberty has

with great

noticed
on

and

order

came

Investment Bonds and Stocks

Republic

However, we should give some
"The welcome accorded the reg¬
vertibility to proceed to the act
thought to how even better re- of
liberation, for their hesitation istered members of the National
suits can be achieved. It has been means
simply an encouragement Security Traders Association when
said repeatedly that the Bank's of the continuation of those
ques¬
loans strengthen private capital tionable
they arrived in New York City
practices which, to the
investment, but that they cannot detriment of the countries them¬
be a substitute for it. It is of the selves, destroy more and more the
utmost importance to set in mo- economic and financial bases of
tion again the flow of private

inappropriate exchange rates and
exchange controls are, to be sure,
enticing instruments, but they are
also more effective than anything

Public

Federal

mestic

If this amount is not

I should like it to be,

small and in my country there is
still considerable demand for do¬

of the national economies of the countries concerned.

had

that is because the capital market

Declares hesitation must entail destruction of the economic bases

attained.

and

trade

large

re-

cur

The Federal Re¬

Germany will, through
18% quota, con¬

these funds.

conceivable ideal condition in all countries is

every

in-

creasingly

principles

now,

postponed until

suc¬

turning

Prof. Ludwig

convertibility exist

tion is

the

past, many
countries
ceeded

it lies within

so.

tribute to the lending capacity and
it has already begun to release

countries basic conditions

and the goal will

for

lations. Above

have

to do

public

Germany

Germany's economic chief maintains that in

.living

of Economics,

release from its

of their popu¬

all,

insofar

work
power

Minister

production, intensifying their in¬
ternational commerce and in rais¬
ing the stand¬
of

Exchange Controls

By PROF. DR. LUDWIG ERHARD*

countries have
developing their

ard

Thursday, October 14, 1954

are,

however,

for 1955 will be held at Mack¬
inac Island, Mich.,

Sept. 13-16.

In 1956 the Convention will

be held at El Mirador,

Palm

striving to cooperate in the Bank's Springs, Calif., in October.

Convention Number

The New Federal
By this time, I'm

that you
and everyone else who reads the
sure

I've

falls" in the

liv¬

gold¬

I went to work

the

last

April

that

FHA

should be. The

FHA
to
Mason

should

be kept informed.
New

Housing
falls

the

Offers

Wind¬

People

I've been reading my dictionary
and I find that a windfall is "an

unexpected legacy or other gain."
Quite frankly, I do not believe
that the American people are yet

fully

the legacy

which
has been bequeathed to them by
aware

best

very

real windfall in the

other items

the word—and

sense of

that go

into

our

homes.
He's

the

who, in making

man

his investment in his community,
become

substantial

citizen of this

country of ours.
Yes, he's really a big man. And
because he is, we must think big
plan big .. . and act big as we
.

his needs.

serve

Thanks to President Eisenhower

Housing Act of 1954, we
a program which
will
permit us in FHA—and you in in¬
have

now

dustry—to do this.

We
to

tools

FHA

families

American

now

help

have
more

better

President

Eisenhower

asked

it to him.

gress gave

The
cited

President

fact

has

not

few

days ago

that

the

placed

pocketbook

above the heart—that his is

hu¬

Administration.

man

the

said

housing measures
enacted by the Congress
and
the programs of this Administra¬
tion which will be fought through
.

the finish

tain

will make

cer¬

In my

most

this

that every

opinion,

have the

we now

practical housing legislation

country has ever known.

confident that it will stimulate

record

activity

struction of

new

rehabilitation
It

will

both in

the

con¬

homes and in the

existing

homes.

expand
your profitable markets.
It will
permit you to do an even better
job of serving the American peo¬
ple than the good job you now
are doing.
permit

the

For

first

you

time

coordinated housing law.

have

It ben¬
fields of

American family
efits every one of the
opportunity for a decent
housing: New—existing—urban—
home, a home in a good neighbor¬ suburban
rural — property im¬
hood among good citizens.
provement
through
open - end
In fact, the President pointed
mortgages, as well as under the
out, one of the greatest reasons modernization
program.

has

—

for the housing program is to pro¬
duce good citizens, to remove and

those

eliminate

conditions

that

make crime and disorder rampant
in

certain sections.
In

I am concernedin your business—
do to help the
man who is buying a home for his
family or who is improving his
present home.
just

job,

as you are

with

what

can

He's

the

who

man

mills and factories
*From

keeps

our

humming, turn-

the

new

home

reservoir

owners

has

po¬

been

tapped by the lower
ment
requirements.

down pay¬
The mini¬
mum down payment on a $12,000
home, for example, now is $1,200
—just half what it was under the
previous legislation.
law

The

puts

fresh

emphasis

quality. The required down
payment for a $17,000 home today
is only $50 more than the down
payment formerly required for a
$12,000 home.
Furthermore, the
upon

address

Conference

whole

tential

by Commissioner
Annual Marketing
Building
Materials
and
Equipment Producers, New York City.

Mason

limits

Second

This

the

means

buyer's

monthly payments will be smaller.
FHA has been

given new auth¬
ority to insure mortgages on lower
cost homes to help those whose
needs

greatest.

are

Under the old

low-cost home program, the max¬
imum

gages
been

mortgage

$6,650.

I want to

here

tour I
in

the

amounts

permits the FHA to go into neigh¬
borhoods threatened by slums to

op¬

insure mortgages

FHA has

Explains

new emphasis is upon saving
properties which are worth
saving.
It is good business as well as

The
all

mandate to

digress for

moment

about

housing

tell

you

made

one

just

western

our

being shown

was

of houses in
new.

each

other

few days ago
cities.

development

the $20,000 class, all

They

one

yet they

existing Federal secondary market
facility for home mortgages, with

next to

one

were

upon

it.

And

neighborhood
the wide open
a

which

for

kitchen

the

West

A Brand New Tool for Home

citizen

The

group of older and
modest homes.
The pride of

ownership in the older develop¬
ment was very evident.
All of
the homes were well kept and all
were

well landscaped. There were

flowers in bloom. The lawns

were

spacious and beautiful.
I

thought

owners

have

neighbors

the

reason

through

—

myself

that

homes

the

value

wants

home from his local

much

likely

might

lows
the

group

avail¬
families.

The President and the Congress

have

given

available
FHA

homes

ing

the tools to make

for

same

older

buying

those provided for buy¬

homes.

new

the

substantially

benefits

—just

the

half

and

the

amount.

former

into

purchase of larger older
the people

homes.

It will permit

to trade in their old homes for re¬

conditioned

the

Americans

how

result had built
the homes.

added

that, despite

construction

million

homes."

new

known fact

current

than

"like

and

each year,

homes

spend almost

maintain

much

rehabilitate

ex¬

for
shouldn't
they be concerned with the pre¬
servation of their properties? The
home is usually the largest single
investment
any
family
ever
homes

isting

homes.

new

makes.

And

they

And

the

spend

why

total

America's

estimated

excess

When

new

times the value of all

new
furnace, a new
bathroom fixtures, a

kitchen,

bring

our

the

balance of
increased to

outstanding

mortgage

for repairs, improvements or
additions to the property. Where

pay

laws

state

permit,

mortgages may
a provision.

now

FHA-insured
contain such

There's also the FHA home im¬

provement program which enables
the home owner to obtain up to

$2,500 to enlarge, modernize or
repair his property.
These, then are some of the new
tools which have been given to
the FHA to enable
families

live

American

better

homes.

handing them to me, both the
President and the Congress have
told

the

for

make

benefit

America.

I'm

the

FHA

people of
going to try to do

see

it,

assigned

were

the job of correcting abuses which
had
crept into the FHA's pro¬
gram.
were

Beyond this, however, we
assigned the job of taking a

fresh look at the housing needs of
the people and then to the job of

doing something about them.
We

now

have

the

complete set of tools
do

FHA the

need

housing

standards

Now it's up

Continued

fresh coat of paint

America.

to us—with the help
on

page

Servicing
Brokers and Dealers

V-

Since 1878

ASJEL & CO.
Members

New

11 Wall Street
Telephone HAnover 2-5000

York

American

Stock

Exchange

Stock

Exchange

Waiting to Help You at—

New York 5, N. Y.
Teletype NY 1-1110 & NY 1-1111

better job of improving the

Members

work

the

this.

million

of $400

the gold at Fort Knox.

roof,

$6,000 older

home, for example, the down pay¬
ment under FHA now is only $600

billion—24

efforts

help

mortgage—so called because it al¬

minority

people
own

will

able to

their

which

tool

new

it. This will channel money

today is in

showed

brand

into the small communities. It will

value

who

Housing Act of 1954 adds a

make more mortgage money

homes

new

Remodeling

borrow

older homes up to
1954 standards. It is the open-end

to get

to be envious of their

much they loved their homes and

who

for

lender will

It is

development

new

another

who

money

famous.

Adjoining the

appear.

changes, and establishes a
voluntary home
mortgage
credit program.
Now the average
new

ment and modernization of homes

the

good citizenship to arrest slum
growth. It is also good business
as well as good citizenship to pre¬
vent slums before their symptoms

certain

This will encourage the enlarge¬

bordering

was

the

that

of the

spaces

Act will continue

new

practically in the living

was

room

were

The

for the construc¬
rehabilitation of homes.

and

tion

mort¬

for individual homes have
— from
$16,000 to

increased

$5,700. Now

was

nice homes
and yet I could not help but ob¬
serve that they were
so close to

The New Housing Legislation

as an example of
this Administration

housing

the

for

The Con¬

The period for paying back the
loan
has
been
extended
to
30

brand

housed.

by accident. It is a wind¬
legacy, a gain which if they
will take it they can keep it, too.

These changes will help

prepared to assist in

offers windfall

housing standards.

families to have better homes.

our

the

and

that kind of program.

says

it is not

fall,

$20,000.

years.

the

the Housing Act of 1954.
Their's is

the furnaces and the furniture and

the

has

Law

ing out not only the materials for
flooring and foundations but also

the

people

...

belongs
the people

and

far

now

financing the job.
For the first time, the new law

not

complaining.
is

fundamentals and raise

return to

clear

I'm

This

provisions of the recent Housing Act, and

new

"are out,
now

rehabilitate homes.

make

Norman

states

housing legislation

new

portunities to the people who want to buy

13.

want

housing program—which gains, he

concerned"—holds, however,

fish bowl since
for

Mason, after referring to the popular outcry against "wind¬

some

make

FHA

Commissioner

that

been

ing in

will
home

television
knows

other repairs
possible to save a
which is deteriorating, the

possibly

Commissioner, Federal Housing Administration

the magazines
who has radio and

everyone

Housing Law

By NORMAN P. MASON*

and

newspapers
and

THE COMMERCIAL and FINANCIAL CHRONICLE

Merrill Lynch, Pierce, Fenner & Beane

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, October 14, 1954

Report of Municipal Committee
The

Municipal Committee of the
National Security Traders Asso¬
ciation, whose Chairman is Lud-

killed

Committee Chairman Ludwell A. Strader calls attention

municipal bond market in past

well
A.
Strader,
President
of
Strader, Taylor & Co., Inc., Lynch¬
burg, Va., submitted a Report at

cies of the Federal Reserve.

the Association's 21st Annual Con¬
vention

Atlantic

The full text of
lows:

The

municipal

City.

the Report fol¬

specifications such

year

such

Toll

which

marketed

all
in

moved

power

the

which
the

stimulant

240,750,000

25,000,000
38,000,000

20,600,000

Buccaneer
New

was

strong in its

Federal

lowered

quirements and this
underlying strength.
There

were

many

lessee,

revenue

bonds.

8,500.000

4,600,000

7,500,000

the

840

Name—

in¬

that

needs

New

UNDER

York

State

Southern
New

West

Thruway

State

26,000,000

*40,000,000

Parkway, New Jersey

104,000,000

165

285,000,000

65,000,000

Turnpike, Delaware River Ext...

Turnpike

____

___

241

326,000,000

116,000,000

added

1,081
*

$1,517,000,000

the

before

lessee

the_ problem.

that

ments

the

only

where

out

arise

generally

but

the

con-

—

of the property is rented

private

Uon

have

With

bonds

avail

and

bmion

the

„

...

industry

in an

York

economy.

are

bonus

recap

submitted
November

issues

for

the

are

such

million

Korean

Veterans,

California, 100 mil¬

Maryland,

and

Montana.

NATIONAL

pending

Issues

MUNICIPAL

COMMITTEE

pending

preparing

plans for the veterans.

Respectfully submitted,

Ludwell

Strader,

Chairman

Strader, Taylor & Co., Inc.,
Lynchburg, Va.
J. William Roos, Vice-Chairman

MacBride, Miller & Co.,
Newark, N. J.
David

First

Callaway,

Jr.

Michigan Corpora¬
tion, New York City
John W. Clarke

John W.

Clarke, Incorporated,
Chicago, 111.

Continued

were

page

long experience

STREET, NEW YORK 4, N. Y.
Teletype NY 1-5

Stock

Exchange

C. J. DEVINE &CO.

American Stock Exchange

48 Wall Street, New York 5

ALBANY

BOSTON

NASHVILLE

CHICAGO

GLENS FALLS

SCHENECTADY

Chicago

MANCHESTER, N. II.

•

Boiton

Cleveland

WORCESTER

☆

needs

many

Members

Neiv

advantage

Telephone HAnover 2-4300

light

green

serves

today's

o£
....

knowledge in this field

BROAD

...

certainly

for future business
which

in_

sujtable
is

program

indivldual

Spencer Trask & Co.
,25

savings bonds.

STOCKS

our

indi_

1A bil_

governments

interested in

to your

yourself of

The

constant

...

this situation is interesting to ob¬

the

and

vestor

strength has brought

been withheld

states

large

and

billion

education

good market. The politicians of

serve.

stocks

300 million in

and

forth many projects and programs

shelter

manufacturers."

The market

that

buyer it

incidental

an
,

some

tax

yidual investor purchased

where property

public purpose, such
.

Island

PREFERRED

have

year

Municinaf^urchase<?° bv * fndfYj'

large issues in New Jersey, Rhode

past

abuse

airport,

lion

it may

the

"
p
purchases by mdividuals has doubled in the past year,

175 million in

you are

used to finance

are

provision,

Michigan

*unds. to more
for fiscal year
states matching

reached a high level is of interest
to both the municipal and cor-

bonds,

arises

bonds

electorate

Cost of widening only.

clear
to

used for what

many

re¬

problems

House

500,000,000

the property. Moreover a number

use

427

not

55,000,000

Parkway, New York

Virginia Turnpike

while

raising

The fact that individual invest-

and

consideration

given

deduct.on

Nor

an
...

bill

problem be-

further

Cost

Length, Miles
__

Jersey Turnpike, Hudson Co. Ext...

Penna.
Ohio

State

673,950,000

this

the best approach to

CONSTRUCTION

Hampshire, Mass. Line to Concord-

New

tax

White

era.

Fi-

that

rental

revenue

38,000,000

the

with

attempt is made to provide due to the higher yields offered
legislation. It is not clear, for by revenue issues
along with the
example, whether the denial of

sidered

Extension

Congress,

any

Maine Turnpike

dollar

up construction program cf 1,700 billion
*n the making. The accqmpanycompendium on toll roads in
country both completed and
*be offiug shows the impact of

industrial

Senate

following comment:

with

lieves

6,000,000

(Oklahoma)

TOLL ROADS

becoming

these funds, a stenped

dis-

eliminated

Committee

285,000,000

The

from

rendered

referred

118

Turnpike

municipal

Committee

nance

market,
right,

offerings

17
__

in¬

own

move

paid

financed

Garden

reserve

Jersey Turnpike___

Turner Turnpike

necessary

the

Trail, Florida

Denver-Boulder

Pkways. in Conn.

Hampshire Turnpike

New

the high grade

Cost

Turnpike

was

(such

rent)
accrued by the industrial
for the use of property

concerned

327

Maine

has

apparently not

SERVICE

West, Fla.)__
Turnpike
County (N. Y.) Parkways..

Merritt & Wilbur Cross

investor his choicest item.
While

122

gave

ROADS

Overseas Highway (to Key

AAA rating and
guarantee of principal

interest,

$7,819,000,000

Length, Miles

Westchester

short

The

cases.

investor

Federal

1,927

1,497,000,000
3,573,000,000
2,075,000,000

3,056

Pennsylvania

pushed
prices of toll bonds upward. The
added impetus of Federal Hous¬

and

674,000,000

1,081

Roads

Projected Toll Roads...

satiable demand from institutions,
banks and pension funds and the

Cost

Length, Miles

Construction

under

Name—

at-

tempts by
to fore¬

Turnpikes,

ing issues, with

income of amounts

"Your

buving

TOLL ROADS

factor

should have easier

en.d<?rsement,

are

multi-billion

the

programs

sailing.

ex-

of deduction from gross

B40

TOLL

Byrd

Connecticut

has exempt field, and amount in

temporary increase.
The plethora of turnpike issues
helped to pace this strong market
with the issuance of large blocks
such
as
New
York
Thruway,
Pennsylvania, Massachusetts and

dividual

officials

this

evident

provision

discus¬
and

eligible sector. With

6,904

Roads

Other

stall such action. The rise in limit

rise

State,

profusion of these issues

the

such

for been most prominent in the tax- allowance a tax bill
eluded in

game

after

much
sion

most

and

between

the

limit

have

boards

debt

billion

guessing

Authorized Toll

national

and

of toll

rising school
Congress hassled with the tax £fdera* hjgb™ay
age
population and inadequate hcatment of municipal industrial "J3" °,50 million
facilities, school bond issues have development revenue issues. Jn- JJjjf 195^ and with

Name—

many

raising

Ludwell A. Strader

school
Caught

Toll Roads in Service

teresting

items

Year's

SUMMARY

has
sparked

the

which provided funds

time.

year

been

ago

this

The

Tbe

to
basis

2.26%

premium

invest¬

School Building Author- been the cost of borrowing money, cess of two billion.

bQnd

for schools, which in turn are
leased to political sub-divisions,

frnm

^°9 cx\% S

order

summary

load

were

acceptable

roads in service and under construction.

OKfv,h Th^ T^?nH0Sfiunusual
Jp* manifested this unward Georgia
manifested this upward

termed

Furnishes

during

nvpra

was

banks.

Kentucky,

able
as
investments
for
both
commercial and savings banks. On
the legal list in New York
a

market

Senator

steadily becoming

Colorado,

Municipal revenue bonds are
steadily becoming more accept¬

bonds

revenue

New York and Oklahoma.

credit poli¬

easy

large volume of municipal

for both commercial and savings

ments

averages

Virginia's

are

strong and active

induced by resumption of

year,

Notes

and fact that such securities

Philadelphia
Cincinnati

•

HAnover 2-2727
Washington
St. Louis

•

Pittsburgh

San Francisco

Convention Number

COMMERCIAL and FINANCIAL CHRONICLE

THE

Report of Corporate and Legislative Committee
i

presenting the report of the
Corporate and Legislative Com¬
mittee

the

Committee

Mosley,

about, through

dustry

the

amend¬

tion

the

both
R. Victor

Mosley

marie

other
ar

changes

1954,

business

our

rules

well

can

outstanding

far

leg-

ulations under which

and

considered

Ever

one.

reg-

industry

our

these

aspects

laws

the

legislation itself
interpretation and en-

the

and

there
objections

years,

numerous

and

legisla-

forcement thereof.

some

able

from

since

For

many

change

others

Commission

situation.

occassions

progress was

change in the makeup of the
Commission in Washington, the
occurance of World War II and
the multiple problems besetting

looking

for

number

that

appeared

Securities

real

being made and that

signed

San

G; Powell Davis

Securities

Company, Incorpo¬

Landon A. Freear

Ft.

Association

our

been

years

touchy point with underwriters
,,

most

complete participa¬

and

1940,

and

satisfactory
.

our business and it is sincerely
hoped the changes will make for
more

tifMllar

practical solution.
jntPrest

will

tlcular interest w 1

par-

the

ac-

i
u
into detail, it is

Association have experienced
unusual

vear

a year of unusua

Th^TlL

This law

1933,

Exchange Act

the

Indenture

considered

outstanding event in
not

exnresslv provided

ne are

financial

Fur-

for under the amendment.
thermore,

all

with

period

the

Prospectuses

sales

will

COMMITTEE

delivered

reduced

from one year to 40 days,
Securities

and

industry;

our

much from the view-point

actual changes

William J. Burke, Jr.

May & Gannon, Inc.,

that have been

Boston, Mass.
J. Wilmer Butler

happy to report that the

Baker

Securities and Exchange Commission has shown a willingness

the problems that arise and the
best

amendments
way

and,

per¬

for other im¬

portant changes from

year

to year.

indication

hearted desire to understand

cooperate

Lynchburg, Va.
Stanley L. Roggenburg

and

Roggenburg & Company,
New York

exemplified by the

The

Securities

amended

allow

able method of
of

securities

the

Act
a

Prospectus

1933

selling

new

work¬

issues

compliance with
requirements

Private Wire

&> Co.

R P O RAT

Teletype NY 1-1109

;

Members

Exchange

Philadelphia-Baltimore Stock Exchange

Midwest Stock Exchange

inquiries

Street, New York 5

Midwest Stock

Exchange (Associate)

Exchange

System to Offices in Principal Cities

Members
American Stock

We invite

City

Lee

Lee Higginson Corporation
Boston Stock

Co.,

Scott, Horner & Mason,

whole¬

their

Walter Mason

all times to cooperate in meeting

that

fact

Watts

Baltimore, Md.

least

the

but

Brewer, Jr.

Washington, D. C.

Exchange

Act ^ad minor changes,
am

Newton

Rouse, Brewer & Becker,

Act of 1934, the Trust Indenture

Mosley, Chairman

R. Victor

The

the following
Underwriters and Distributors of Municipal,

Spring Corporation

and Railroad Securities

Keystone Portland Cement

Products, Inc.

P. R.

Sharpe Manufacturing Company

Utility, Industrial

Equipment Trust Certificates

Mallory & Co., Inc.

Marathon Corporation

Bryant Chucking Grinder Co.

Moore

Collins Radio

The

Company

•

Drop Forging Company

Meadow Brook National Bank

Bank and Insurance Stock Department

Consolidated Rendering Company

Minerals & Chemical

Continental

National Aluminate Corporation

Screw

Crompton & Knowles Loom Works

National Blankbook

The Duriron

River Brand Rice

Company, Inc.

Rock of

Forge & Steel Corporation

Mills, Inc.

Ages Corporation

The M. A. Hanna Company

St. Croix

Harris-Seybold Company

Primary Markets in Equity and Senior Issues

Speer Carbon Company

Pulp & Paper Corp.

Paper Company

Telephone Bond & Share

Jones & Lamson Machine Company

Tracerlab, Inc.

Kalamazoo

Veg. Parchment

United States Potash

The

Company

Whitin Machine Works

Kerite

Williams and Company,

Company
Other Offices

Inc.

Philadelphia, Pa.

•

Pittsburgh, Pa.

•

Chicago, III.

San Francisco, Cal.

•

Albany, N. Y. • Atlanta, Ga. • Aurora, 111. • Boston, Mass. •

BOSTON 7
50

FEDERAL

STREET

NEW YORK 5
40

WALL

STREET

CHICAGO 4
231

S. LA SALLE STREET

Liberty 2-5000

HAnover 2-2700

FRanklin 2-4500

Teletype BS 452

Teletype NY 1-917

Teletype CG 175

Buffalo, N. Y.

Columbus, O. • Dallas, Texas • Detroit, Mich. • Eau Claire, Wis. •
Grand
St.

Flint, Mich.

Rapids, Mich. • Manchester, N.H. • Muscatine, la. • Rochester, N.Y.

Louis, Mo.

•

St. Paul, Minn.

Washington, D. C.

•

cothe

CORPORATE & LEGISLATIVE

which

must

44 Wall

Hudson

ac-

Respectfully submitted,

advertising are expressly provided

Telephone DIgby 4-4000

Erie

the

effective date. An expanded use other classes of securities,
of the preliminary "Red Herring,"
I am indebted to the officers

Avon

from

well known that the members of
our

Blair

Brown &

one

„

attempting to go

Act and the Investment Company

should

haps, blaze the

Scharff & Jones, Inc.,
New Orleans, La.

Co.,

Worth, Texas

Associated

place.

1954 has also been a

year

other

business

others engaged in t is pnase viewpoint of business.

The

Congress

>j\y

John J. Zollinger, Jr.

Edwards

This has for

the securities

where such

it has been possible to get through

Sterne, Agee & Leach,
Birmingham, Ala.

rated, Philadelphia, Pa.

made

Co.,

Francisco, Calif.

Alonzo

1934, the Investment Company

will' become ef-

Oct

etive ^ ,Oct. 10.

Mead, Miller & Co.,
Baltimore, Md.

Russell M. Ergood, Jr.

William

Strauss

1954

Act of 1939.

Gustav Klein

Willis, Kenny & Ayres, In¬
corporated, Richmond, Va.

was

Eisenhower

amends the Securities Act of

Houston Hill, Jr.
J.

President

fective

Walter, Woody &
Heimerdinger, Cincinnati, Ohio

Henry Dahlberg & Company,
Tucson, Ariz.

Aug

John N. Fuerbacher

Henry E. Dahlberg

of'the

Chairman

accomPUs^ents nave taken

This

Corporation,'

Pre'se"t

Place- Public Law 577, which

Durham, N. C.

Stroud

groups

asso-

at least in part, the more burden-

Croom

meet¬

held

were

and

and methods of improving

means

the

and

Municipal Committee Members
William

Your

Chairman cannot recall any

year."

year

the Act.

However,

constant changes in personnel of
various committees, a recurrent

Act

,<f

representatives of the staff.

with Securities and Exchange Commis- a broadening of the "Identifying of the Association for their
sion
Ralph H Demmler actual Statement" and an enlaregment operation at all times and to
the Securities and Ex- accomplishments have taken upon the usage of "tombstone" members of my committee.

meetings

Commissioners

dated with

officers

years,

page

and, to our minds, unworkphases of the legislation

would be amended.

the

Continued

First

memorable event for the in¬

of the

the

and

operates

Terms development

Ia£

concerning

in so

matters

Commission, all

Commissioners, and six

ness; including our National Se-

yea£-

J°TS:
The year

the

four other

restric¬

onerous

^OTked ^t"a^TrXems^nd

of the Committees report

lslative

relief from the

anri

lext

meetings and activities, the

Congress, both during and fol- tivity permitted during the wait- tivity, of strong and rising marlowing the war, all, or at least ing period from the date of filing kets for not only stocks but mu
jn Par'> were responsible for a a registration statement until its nicipal bonds, corporate bonds and

forerunner

"important

to participate

from

laws

the

Convention,

this

attendance

committees "of' many ofThe~trade
associations of the securities busi-

?Msonmth^tS i^marirpHUtthprfW
may

subsequent

been

certain

was

event, Mr.
Mosley noted, not because of the

changes

Securities

the

and

have

memorable

thus

1933

Exchange Act and other

Securities

some

for other important changes from

way

passing of the Securities Act

providing
to

our

tion has taken

Law

577
for

Acts. This

of Public Law 577,

possible to get Congress to amend the laws "and, perhaps,

was

blaze the

passage

ments

in that it brought

one

the

Public

ing

but in that it

'in¬

tance

have

much from the viewpoint of the actual changes made in the Acts

not so

the

securities

passage

tions of the Securities Act.

Co.,

stressed
impor¬

the

outstanding

that

fact

the securities in¬

Chairman

Inc., Philadel¬

phia,

year

that insofar

says

Victor

Vice&

Victory Mosley

dustry is concerned the current

Convention,

Chairman

President
Stroud

N'STA

Committee Chairman R.

•

Scranton, Pa.

Williamsport, Pa.

•

Springfield, Mass.

Wilmington, DeL

NSTA Memorializes

Congress to
Modify Capital Gains Tax Law

Report of Publicity Committee
Committee

Chairman

Jerome

Tegeler notes

NSTA activities in local and national

excellent

publications.

presenting the report of the
Publicity Committee at the NSTA

Tegeler & Co., St. Louis, acknowl¬
edged the widespread publicity
the

local

well

tions.

publications.

has

been

Chairman

Committee and
Text

of the Com¬

in local as well as

tine coverage
n a don al

national publica¬

like to

would

members

the

mittee for their work in obtaining

activi¬

Association's

ties during the past fiscal year

conclusion,

thank

of the Committee's report

pleasure to act
the
Publicity
am

very

happ.y

cellent
age

corded
C

us.

The

i ttee

o m m

thank

the
D i

t,"

g e s

Conville &

the

David

o n

Buyer,"
t h
Tegeler

"B 1

Mrs.

Their

the

indebted

deeply

III,

most

possible

much

did

that

see

activities.
I

think

something

this

that

Chairman
mittee

York,

should
or

inasmuch

the

organization

opinion,

the

located

Merrill
&

are

Pollok, Jr.

Co.,

Minn.

Paden

Lynch,

Pierce,

Fenner

Beane, Seattle, Wash.

Walker

Robert

Co.,

R. C.

Sullivan

Greensboro, N. C.

Joseph Refsnes, Jr.

much

Don

Refsnes, Ely, Beck & Co.,

Phoenix,

and

McDaniel Lewis & Co.,

Pittsburgh, Pa.

the objectives of the law
had been moved so far into the

of fact,

quote,

for

Lathrop-Hawk-Herrick Com¬
pany, inc., Wichita, Kan.

Ariz.

Preamble

"To

the

Act

says,

encourage

im¬

provement in housing standards
and conditions, to provide a sys¬
tem of mutual mortgage insurance
and

Clinger

other purposes."
Mandate to

Western
■'

FHA

•.

.•

put into effect.
There
this

are

policy.

mum

Oil Stocks

have

raise the

America

In revising our mini¬

requirements

standards of housing in
we

SALT

LAKE

STOCK

In its

requirements. These, of
will be continued.
E$ut
weight will also be given to a
broader
concept with emphasis
upon valuation appraisal.
course,

went

Members:

SALT LAKE OFFICE

Exchange
Exchange
aivd other Leading Exchanges

Salt Lake Stock

NEW YORK OFFICE

132 Main St.

Teletype

50 Broadway

468

will

—one

launch

will

who

—

OFFICES
New York

Spokane

Salt Lake City

Denver

former

Pocatello

Ogden

Butte

builder,

Mr.

ards.

Neil

architect, is

Beverly Hills

Boulder

Idaho Falls

Diego

helping

the

With the

help of the

requirements
underway.

now

FHA

standards

the

industry,

getting

CHICAGO

in
give recog¬

nition in the amounts of FHA-insured

mortgages

quality con¬
of quality
products, the effect of which will
to

struction and to the

Cmpa/iatum
25 Broad St., New

Connor,

the revision of minimum property

Common Stocks

BOSTON

assistant

tectural standards.

PUBLIC UTILITY

Missoula

director of archi¬

We maintain

Long Beach

San

help me
the
FHA

commissioner for technical stand¬

Provo

Reno

revision

(Xnwucan §ecmificA

—

Los Angeles
Riverside

the

property requirements.
a new position in
Mr. Charles A. Bowser, the

WHitehall 3-6700

Established 1915

for

builder and the other

architect

6vipi>vntuM1

J. A. HOGLE & CO.

work

appointed two key
officials in the Washington office
FHA, I have

NET MARKETS in

New York Stock

minimum

issues, including

companies.,

play

early days, it was natural
to establish

EXCHANGE

COLORADO PLATEAU URANIUM

run

You

that the FHA sought

COAST

money.

part

Current information available
COAST

liv¬

long

forts.

WIRE SYSTEM

all OVER-THE-COUNTER and listed

helping America get the new com¬

PRIVATE

the

less

One objective of the revision

plenty of reasons for

property

that

him

definite

FHA.

standards.
That's the policy which the Act
lays down. That's the policy which
FHA now has an opportunity to

cost

Each is filling

and to raise the housing

Uranium, Mining &

to obtain

owner

house

will

minimum

Well, it seems to me that we've
already established in this very
brief summary of the Housing Act
of 1954 that there is a mandate to
FHA to return to fundamentals

Specialists in:

home

Since

The

Marshall H. Johnson

Schmertz Co.,

objectives of the National
Housing
Act have
been over¬
looked in the years of emergen¬
cies that have followed one after
another since 1934.
As a matter

ago.

Pledger & Co., Inc.,
Angeles, Calif.

Los

Housing Law

able

question came up at an industry
meeting I held about three months

Green

make

background that no one could tell
me
what they were when
the

A. Maurits Johnson

the housing industry—to

The

McPhillips

Joseph

the

in New

David

Memphis, Tenn.

Philadelphia,/

they

Co.,

Fla.

effective use of them.

McKendrick

Minneapolis,

Bullington-Schas Co.,

Publicity Com¬

possibly
as

Edward

Mich.

Detroit,

Johnson-McKendrick

from page 15

The New Federal

Francisco, Calif.

Hartford, Conn.

the fu¬

is,

Corp.,

Houston, Texas

that

officers

ture

Freeman

Continued

Maury J. Kessler

Curtis,

Cleveland

Myers,

Co.,

Paine, Webber, Jackson &

Eddleman-Pollok & Co.,

Reed

should be remembered by

and

Lewis

the Security Traders'

Fort

Securities

Victor A. Williams

publicity

the work

received

frankly,

since,

& Co.,

Cleveland, Ohio

Wright, Snider Co.,
City, Mo.

Wells-Fargo Bank & Union

Mass.

First

September 25th, 1954, and representing thirty-two
affiliated groups and four thousand and thirty-three
members, do hereby memorialize Congress to modify
the tax laws dealing with capital gains to the extent
that all securities sold where the full proceeds are
reinvested in other securities of American industry be
free of any capital gains tax.

Pauly

Traders Association. Inc., at their
City, New Jersey,

21st Annual Convention at Atlantic

& Co.,

Trust Co., San

Howard W. Freeman

Vice-Chairman, William H. Greg¬
ory,

Fenner,

Pierce,

Martin J. Long
The

Tindall

Mid-South

McCormick, Jr.

Boston,

past

represented all the affiliates
National Association.

year

the

for

Lynch,

other companies in the United

NOW THEREFORE BE IT RESOLVED that the

National Security

Nashville, Tenn.

Ferguson

A. C. Allyn

gether the news from our many
regional members.
Committee

in securities of

States:

Richard P. Shillinglaw

Beane, Louisville, Ky.

James

affiliated
Our

Ora

Merrill
&

cooperation
in
bringing to¬

invaluable

was

which full proceeds of security sales §re re¬

invested

Roberts

Kansas

Pindell

Baltimore, Md.

and

List."
F.

Jerome

capital gains tax law with respect to trans

Prescott,

Lockwood, Peck & Co.,

Financial
"B

the

Syracuse, N. Y.
Ilarold

Elmer

Chronicle,"
the

amend
actions

Inc.,

Atlanta, Ga.

Co.,

Birmingham, Ala.

"Commercial
&

William N. Pope,

B. Alexander

George

"Investment

Dealers'

111.

Chicago,

James B. Dean

Vice-Chairman

par¬

ticularly

Following is text of a resolution unanimously adopted,

by the National Security Traders Association at its 21st
Annual Convention at Atlantic City, urging that Congress

Security Dealers'
Association, Dallas, Texas

William II. Gregory III,

would like

are

Inc., Denver, Colo.
Joseph T. Fuller
Wm. A. Fuller & Co.,

Dallas

Chairman

F. Tegeler,

Jerome

that law not be applicable

where full proceeds of securities sales

cases

reinvested in other domestic securities.

Thomas B. Walker, Jr.

PUBLICITY COMMITTEE

ac¬

was

Sweet

E. Joseph & Co.,
Cincinnati, Ohio

Respectfully submitted,

cover¬

Convention requests

Philadelphia

Will'am

John

follows:

During the past fiscal .year ex¬

Resolution unanimously adopted at 21st Annual

Charles T. Ileaton

report.

to submit this

given

Feters, Writer & Christensen,

publications for our industry.

Convention, Chairman Jerome F.
Tegeler, Partner of Dempsey-

accorded

with the source of

contact

closer

coverage

Suggests Chairman of

Committee be resident of New York City or
In

Thursday, October 14, 1954

FINANCIAL CHRONICLE

THE COMMERCIAL and

York 4, N. Y.

HARTFORD

PHILADELPHIA

use

Convention Number

reflected

the

mortgage

through the life of
in lower mainten¬

costs to the

ance

improvements in

dwellings

the

design

which there

sulate it after it is completed. We

recognize,

are

FHA-insured mortgages.

It is not
a house costs initially
important to the family
occupying it.
Equally important

is what it will cost to live in it.

the home buyer, is going to take

good look at these other costs,

such

monthly upkeep, fuel bills
depreciation. Then it seems
as

and
to

that

FHA

should

and

can

modify its standards to give great¬
er recognition to
quality construc¬
tion and improved design.
You

for

know,

you don't leave room
imagination in design

much

when

cool in

Certainly

Report of "Special Rights" Committee

recognize
praisals.

these

facts

the

its

But this

matter, like most prob¬
encounter, isn't quite as

lems we

simple
far

zone

rooms,

There

levels

conserve

other

are

different

new

interim statement

You'll

probably

the

Convention

Annual

National

the

Traders
Association held at Atlantic City,
N. J., on Sept. 23, John M. Hudson
of

the work of John Childs and Mar-

jorie Cruthers of the Irving Trust
Company.
I feel that we are the
only ones that have gone on rec¬
ord and used the substance of this

With the help of the

ing Research Advisory Board and
of industry, FHA must learn the

ciation, deliv¬

answers.

rim

report of
the
"Special

Study.

Rights" Com¬
mittee, which
is
seeking a

had

FHA—A

determined
and

answers

FHA homes built to these dimen¬

the times.

sions.

lion

the

well

main, they've been

constructed.

didn't

fall

down.

pinched costs to
ers

who

The

only they had

But

they've
point that buy¬

afford

could

houses

—

find

keep
with

operate

1954 concern with 1934

methods.
construction

The

industry,

ac¬

financing terms—were obliged to

cording

accept less.

Commerce and the Bureau of La¬

the

Department

bor

shopping for larger homes—both
new
and existing — which more
adequately meet their require¬

Statistics, will compile a new
record of $36 billion in
expenditures this year.
FHA is
an important
cog in the construc¬
tion wheel.
What we do, in other
words, can have a wholesome ef¬

ments. FHA stands ready as never

fect

before to help them.

FHA will

Many

the

families

who

re¬

luctantly moved into two-bedroom
houses

few

terested

now

too.

all-time

expanding
We'll

space.

homes

from

now

space.

three-bed-

greater

use

We'll have

on.

space,

We'll

closet

able

the

make

folding

new

partitions.
No
on

outdoor-indoor living

homes.

it is

should
every
mean

have

sound

that

nor

overboard

innovation.
that
the

the

home

FHA

approve

not

does

buyer will

opportunity

choose

between contemporary and
tional

tradi¬

design.

economcial

that it is

insulate

house

adequately while it is under con¬
struction

But

than

not

responsibilities

important is

hower's

our

op¬

housing program to

serve

the individual families of America

by helping them to live in better
homes.

Te me,

which
and

are

attempt to in¬

the human values

inherent in

are

what

trying to do far

shadow the dollar values.

feel that

you

over¬

Call it

will, but I like to

you

making life hap¬

are

pier for those whom

we are serv¬

ing.
Under the

for

the

Housing Act of 1954,
first time

families

our

between

homes;

the

large

Hudson

dealers for

new

The

edited

transcript of
Hudson's statement follows:
It has been

so¬

Mr.

privilege to work
Along with
Secretary's work, it has been
quite a little job—it has taken a
little time, but it is something
this

Committee.

the

that I like to do, and I think that

of us, if we really believe in
something, will approach the job
and accomplish something. May¬
be you don't all go along with the
thinking involved here, but the
principle carried out becomes a

any

dollar in your pocket.

Very few of the other organiza¬
tions in the business, for

one

rea¬

another, mainly conflicts of
interests as between the members,
son

have

seen

stand

fit

take

definite

this thinking with regard

to compensating dealers on
transactions.
!~
A

little

meetings

earlier

were

to advance the

the

rights
year,

held in New York
use

little

complete

study of the question. The Invest¬
ment Bankers Association, with
the conflict in thought, could not
get the study that had been made

later

the

year

post card sent out suggest¬
ing that you study and give con¬
sideration to the Soliciting Deal¬
ers' Agreement in connection with
a

the

licitation of the exercise of stock¬
holder's pre-emptive rights in re¬
lation to offerings of securities.

pany

Philadelphia Electric Com¬
and similar offerings.

The great
it up to

accomplishment,

fact

the

the present time, is
the
Philadelphia

see

that

Electric

Company not too long
fit to compensate dealers
on their offerings.
They are gen¬
erally accepted around the coun¬
try as being one of the top util¬
ity companies.
You gentlemen
ago saw

should

know that the approach
Philadelphia Electric Com¬
pany all
came about by simply
exposing the management to the
thinking involved in the Study
implemented by their interest in

statistics, and

relations.

The management consulted John

Utilities

Corporation,

Georgia Power is doing it. That
a little different type of a
deal,
but the paying of fees helps to
get the preferred exchanged.

I
am

do have

into

copy

would

little

of a letter—I
it, because it

too

have

much time.

is addressed to

of the authors

one

get

Financing of Stock
Pre-emptive Rights,"
it is the company's
opinion,
I might say, a very favorable
of the results of paying fees,

Issues
and

and

a share on Philadelphia Elec¬
tric, and got it on a decent basis
—in other words, they could man¬
ufacture the stock
they could
build up clients' holdings and sell

one,
in so

stock to

say

with

—

all under the

Soliciting Dealers' Agreement.
As a member of a small organi¬

far

they

are concerned,
high recommenda¬
tion for that type of situation.

and to

in closing I would like to
that it has been a privilege

Just

work

this

Committee

financial

own

zation, this did not amount to a
great deal of money, but it was
that we would not other¬
wise have had for doing the work.

Respectfully submitted,
"RIGHTS"

money

John

Last Friday, even with the late
registrations coming in, and faced

COMMITTEE

Hudson,

Chairman.

Thayer, Baker & Co.,
Philadelphia, Pa.

and

Clearance Facilities

capacities.

making it easier for all

tastes
We're

for

to have

the homes they want. We're mak¬

ing

it easier

for all to improve

the homes they now live

New York and Out

of Town

in.

OVER-THE-COUNTER

brokers and dealers

GRACE NATIONAL BANK
OF NEW YORK

Inquiries

COMPLETE CLEARANCE FACILITIES

use

FOR

are

invited regarding

our

facilities.

T"~

LOCAL AND OUT-OF-TOWN

Brokers

and

Dealers

Write

call

for

Trust Company of North America

details

Securities Clearance Division
Clearance Department

HANOVER SQUARE, NEW YORK

115

BArclay 7-1300

Broadway, New York 15

15, N. Y.

Complete Domestic and Foreign Banking Facilities
Member

Federal

Deposit

Insurance

Corporation
Member Federal

Deposit Insurance Corporation

—

again I say I like to do it.

between contempor¬

according to their

of "Aids in the

small

homes

made

part of the record, however.
It
is signed by Allan Mitchell, of the
Philadelphia Electric Company. It

30c

names,

not going to read

runs

their opinions. As a result, deal¬
ers around the country got their

new

forth, published

likewise.

Childs and various others, partic¬
ularly Mr. Tegen of General Pub¬
lic

shortly in the "Public Utility
Fortnightly," which of course gets
right to the top of the utility or¬
ganizations, and at the moment
we are concentrating on that part
of it, so that when we educate
the utilities and, we hope, bring
them around to the thinking we
will have accomplished a great
deal.
Ultimately we hope to have
the industrial organizations doing
very

to the

stockholder

details, I

day off and had the privi¬
lege of attending a meeting in
New York, at which were repre¬
sented several segments of our in¬
dustry. The main purpose was to
try to determine, on an industry
basis, a course of action. As a re¬
sult, we are proceeding on an
individual, not an organization
basis, to have the results and a
whole lot more of the thinking,

choose

homes and traditional homes

ary
—

Convention

other
a

giving

are

right to

homes and

between

older homes;

and

We all recognize

portunity under President Eisen¬

This does not mean,

however, that every contemporary
fetish

"corny," if

longer need FHA frown up¬

afforded by functional contempor¬
ary

help you too.

four-bedroom

and

storage

for more

homes

room

family

economy.

in this connection.

longer terms, we can

recognize the need of the growing
and

1 the national

upon

unmindful

lower down pay¬

new

and

are

You are in¬

helping

With the
ments

ago

years

John

began to realize we can't

inter-

obtaining
compensation
b y
securities

than

5,000 employees. I think it's about

question

$40 bil¬

Asso¬

solution of the

the

abreast

The FHA is

institution

time

to favorable

access

the

ered

Billion Institution

$40

now

the

Secretary

Bureau of Standards of the Build¬

few years.
of

Co.,

took

the Board of Governors.
did, early in the year, get Phil
Clark's approval, insofar as we
were
concerned, to send out a
one-page
summary
pointing up
this study which was principally

thoroughly.

I think you will find it encour¬

critical

with

Philadelphia,

aging, however, to know that FHA

being

Thayer,

Baker

beyond

and

24-by-36-foot box house that has

not

Security

con¬

become institutionalized in the last

I'm

made in arranging compensation

siderations which must be studied

the

get

progress

offerings, Chairman John M. Hudson points out main purpose of Com¬
on an industry basis, a course of action on the subject.

fuel?
technical

regarding

mittee is to determine,

are

For

FHA

different

There

sounds.

instance, how
in approving
control, with thermostats set

should

security dealers for soliciting the exercise of stockholder's preemptive rights

ap¬

must

FHA

accent only the mini¬

you

mum.

well-insu¬

and

ramifications.

FHA, acting in the interests of
a

the winter

summer.

only what
which

that

too,

lated home will cost less to heat

consumer.

Another objective is to encour¬
age

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE
j

In Attendance at NSTA Convention
DEATTIE, HERBERT E*

ABELL, DUNBAR B*
New York

Francisco, CaliL

ADAMS.

Exchange Com¬
mission, Washington, D. C.
ADAMS, EDWARD

Daniel

Robt. Garrett & Sons

Geo. Eustis & Co.

Cincinnati, Ohio
BACHAR, GARALD D*
J. A. Hogle & Co.

Ernst

Co.

New York

City

BATEMAN, HOMER J.
Pacific Northwest Company
Seattle, Wash.

Commercial & Fin. Chronicle
New York City

COHEN, MANUEL F*
Securities & Exchange Com¬
mission, Washington, D. C.

COLEMAN, MERRITT
City

W. E. Hutton & Co.

Jos.

FOARD, ALLAN

Exchange Com¬

Stroud & Company, Inc.

Philadelphia, Pa.
FOGARTY, FRANK J.

DEMPSEY, JOHN P.
Kidder, Peabody & Co.
Philadelphia, Pa.

Philadelphia, Pa.

Edw. D. Jones & Co.

FOSTER, L. WARREN*
Gottron, Russell & Co.
Cleveland, Ohio
FOX, FRED P.*

DEPPE, RALPH C *

Louis, Mo.

P. F. Fox & Co.

New York City

Lewis C. Dick Co.

FRANCIS, JOHN
Blyth & Co., Inc.
New

Kansas City, Mo.

CONARY, WILFRED G*

CORBY, JOSEPH J.

G. H. Walker & Co.

Providence, R. I.
Allen & Company

New York City

Philadelphia, Pa.

FRASER, JAMES G*
Stern, Frank, Meyer & Fox

DONADIO, JOSEPH*
V.

Frankel &

Los

Co., Inc.

City

Laurence Frazier & Co.
New

Fort

Philadelphia, Pa.

American

Securities

New York

Chicago, 111.

City

Corp.

FRENCH, JOHN S.
A. C. Allyn & Co.

EARNEST, GEO. H*
Co.

New

Angeles, Calif.

EGAN, JOHN E.

Broadway, New York 6, N. Y.

Worth, Texas

FREELAND, H. T.

DOYLE, J. ROBERT
Doyle, O'Connor & Co.

Los

City

Wm. N. Edwards & Co.

Blyth & Co., Inc.

WM Y. FRANKEL & CO.

York

FREEAR, L. A*

DONOVAN, ROBERT F*

Angeles, Calif.

FRAZIER, LAURENCE*

DONNELLY, JAMES A., Jr.
Reynolds & Co.

Fewel

Co., Inc.

New York City

American Securities Corp.

Wm.

City

Wm. V. Frankel &

DOERR, WM. H*

New York

York

FRANKEL, WILLIAM V*

Bridgeport, Conn.

New York City

Co.

Philadelphia, Pa.

Hincks Bros. & Co.
Co.

BYRNE, R. EMMET*
Scherck, Richter Co.
St. Louis, Mo.

INCORPORATED

Co.

City

E. W. Clark &

DOCKHAM, GEO. A*

COMBEST, EARL L.¬
Herrick

McManus &

FLYNN, JOHN M., 2nd*

Philadelphia, Pa.

New York City

Philadelphia, Pa.

♦Denotes Mr. and Mrs.

FITZPATRICK, FRANK

&'Company

DICK, LEWIS CRAIG, Jr.*

COLWELL, SAMUEL F.

Barrett

City

St.

Allen & Company
New York

York

New York

Securities &

CAMPBELL, GRANT A.
Janney & Co.

City

Tindall

mission, Washington, D. C.

Goodbody & Co.
City

Baltimore, Md.

Mackie, Inc.

DEMMLER, HON. RALPH H.

New York

Baker, Watts & Co.

BEAN, JULES*
Singer, Bean &

York City

New York City

Denver, Colo.

W.*

New

FILKINS, WALTER*
Troster, Singer & Co.
New York City

Co.

DEDRICK, GEO. E.
Joseph McManus & Co.

CLEAVER, JAMES P.

BUTLER, JOSEPH

New York City

BAYNE, JOHN M.
Rotan, Mosle & Co.
Houston, Texas

Amos C. Sudler & Co.

Boyce

Cincinnati, Ohio

Batkin & Co.

New York

CLARK, PHILLIP J*

BUSE, ROBERT O.
W. C. Thornburgh Co.

BATK1N, ELY

Cruttenden

BURKE, WM. J., Jr.*
May & Gannon, Inc.
Boston, Mass

BARYSH, MURRAY L.*

Mitchell & Co.

Atlanta, Ga.

BUNN, JOHN W.
Stifel, Nicolaus & Co.
St. Louis, Mo.

BARTOLD, HARRY S.
Eastman, Dillon & Co.
:
New York City

FELTMAN, IRVING L*

DEAN. JAMES B*

BUCKEL, HARRY B.
Manley, Bennett & Co.
Detroit, Mich.

City

FELDMAN, GRANT A*
Piper, Jaffray & Hop wood
Minneapolis, Minn.

DAWSON-SMITH, S. EDWARD

Philadelphia, Pa.

Baltimore, Md.

Higgison Corporation

New York

Co.

Richmond, Va.

CIANO, THOMAS

Stein Bros. &

Byllesby & Co., Inc.
Chicago, 111.

ROBERT E.
&

Hough

H. M.

DAVIS, G. POWELL
Willis, Kenny & Ayres

New

CHRISTIAN, JACK*
Janney & Co.

BRUCK. H. MITCHELL

BARKER, JOHN S*
Lee

%
Company

Atlanta, Ga.

Dallas, Texas

Francisco, Calif.

Harrison

Petersburg, Fla.

FARRELL, ARTHUR E.

Colo.

Philadelphia, Pa.

BROWN, WM. P.
Baker, Simonds & Co.
Detroit, Mich.

& Higgins

St.

DAFFRON,

CHRISTIAN, EDGAR A*
Stroud & Company, Inc.
Philadelphia, Pa.

Garrett & Co.

Beil

Miami, Fla.

CURRIE, TREVOR*

City

J. W. Tindall &

EVANS, J. HERBERT

North

Denver,

CHESNUT, J. D.

BROWN, EDMOND L*
/

CURLETTE, RALPH H*

CHANNELL, CLIFFORD K.
The First Boston Corp.

New York City

Denver, Colo.

W. Cunningham & Co.
Westfield, N. J.

Cleveland. Ohio

BROCHU, PETER
Allen & Company

ARNOLD, HENRY J*

Geo.

CAYNE, MORTON A*
Gottron, Russell & Co.

New York

EVANS, EDWARD H*
Philadelphia National Bank
Philadelphia, Pa.

Ludman Corp.

BREWER, JAMES R., Ill
John C. Legg & Company
New York City

BAILEY\WM. J.
Wilson) Johnson

Townsend

Philadelphia, Pa.

Buffalo, N. Y.

Philadelphia, Pa.

CUNNINGHAM, GEO. W.

CAUGHLIN, EDWARD J*
Edward J. Caughlin & Co.

Co.

Doolittle & Co.

ARNOLD, HARRY L *
Goldman, Sachs & Co.
New York City

BAGLEY, EDWARD N*
J. A. Hogle & Co.
Salt Lake City, Utah

Haven &

BRADT, JOHN A*

Exchange Com¬

mission, Washington, D. C.

San

Chicago, 111.

BRADLEY, WALTER V.
B. W. Pizzini & Co., Inc.
New York City

ARMSTRONG, SINCLAIR J.
Securities &

Reeves

Beverly Hills, Calif.

Baltimore, Md.

ERGOOD, RUSSELL M., Jr.*
Stroud & Company, Inc.

Stearns Co.

Bear,

Philadelphia, Pa.

BOURBEAU, EDWARD J.
ALLISON, M. BERRY

CUMMINGS, PATRICK J.

CARTER, F. P.

Sheridan, Bogan, Paul Co.
Philadelphia, Pa.

Co., Inc.

EMERSON, EDWARD H*
Securities & Exchange Com¬
mission, Washington, D. C.

Philadelphia, Pa.

Baltimore, Md.

Atlanta, Ga.

CORSON, SPENCER L.
Elkins, Morris & Co.
Philadelphia, Pa.

Albert J. Caplan & Co.

BORER, EDWARD W. G.

Clement A. Evans &

Stein Bros & Boyce

Straus, Blosser & McDowell
Detroit, Mich.

New York City

CAPLAN, ALBERT J.

New York City

BODIE, CHARLES A., Jr.*

CLARENCE H*

Securities

ELDER. GEORGE J.

CORLEY, E. M.
Blyth & Co., Inc.

CANAVAN, JOHN L.
Rauscher, Pierce & Co.
Dallas, Texas

Kidder, Peabody & Co.
•

Co.

Philadelphia, Pa.

BECKER. GEO. M.

Weeden & Co.
San

A. C. Wood Jr. &

Philadelphia, Pa.

City

AP^AMSON, R.

CAMPBELL, MARGUERITE A.

H. A. Riecke & Co.

Reed, Lear & Co.

York

City

FRENKEL, LESTER

First California Company, Inc.
San Francisco, Calif.

Gersten

Frenkel

New York City

Offer

COMPREHENSIVE INVESTMENT
AND

Telephone: WHitehall 3-3960

DEALER

SERVICE,
in

•

...

ALL CLASSES OF BONDS

AND STOCKS

including

TELETYPE NUMBERS:

PUBLIC UTILITY—RAILROAD—INDUSTRIAL

NY 1-4040-41

FOREIGN ISSUES
We Are

N Y 1-2684

Particularly Adapted

to Service Firms
With Retail Distribution

Your

PRIVATE WIRE TO PLEDGER & CO., LOS ANGELES

Inquiries Solicited

p. f. fox & CO.
120

BROADWAY, NEW YORK 5, N. Y.

Telephone

REctor 2-7760

Teletypes

NT 1-944 & NY 1-945

Convention Number

21'

THE COMMERCIAL and FINANCIAL CHRONICLE

FRINGS, GEORGE J*

GU1TON, JOSEPH F *
Craigmyle, Pinney & Co.

Sterling, Grace & Co.
New York I City

New York pity

JACKSON, W1NTON A*
^

First Southwest Company
Dallas, Texas

FUERBACHER, JOHN N.
Walter, Woody & Heimerdinger
Cincinnati, Ohio

HAACK, ROBERT W*

GADDIS, CALVIN P.*

HAGENSIEKER, EARL L.

Robert W. Baird & Co.

Milwaukee, Wis.

Edward L. Burton & Co.

Reinholdt & Gardner

Salt Lake City, Utah

St. Louis, Mo.

JACOBS, DONALD B*
Conning & Co.
Hartford, Conn.

JACOBY, LEWIS P., Jr.
Thayer, Baker & Co.
Philadelphia, Pa.

NSTA Nominating Committee

JOHNSON, MARSHALL

GALLEGOS, JOSEPH F.
Lester, Ryons & Co.
Los Angeles, Calif.

HAGGERTY, JOHN P.

GAWNE, HARRY J.

HAIGNEY, DAYTON P.¬
Dayton Haigney & Co.
Boston, Mass.

GERMAIN, JACK*
Troster, Singer & Co.
New York City

HAMMELL, ELMER W.¬

JOHNSON, WALTER R*

GESELL, HERBERT R*
Kugel, Stone & Co., Inc.

HANNaviN, DANIEL

JOHNSON, SAMUEL P.*

Carroll, Kirchner & Jaquith,
Inc., Denver, Colo.

Merrill, Turben & Co.
Cleveland, Ohio

New York

JOHNSON, WILBUR E., Jr.*
Johnson &

Philadelphia, Pa.

Pittsburgh, Pa.

HART, MAURICE

National Association of Secu¬

New York Hanseatic Corp.

rities Dealers, Inc. Phila., Pa.

New York City

Johnson

<s'

JOLLEY, LEX*
Robinson-Humphrey Co., Inc.
Atlanta, Ga.

HASTINGS, H. RUSSELL
S. R. Livingstone, Crouse & Co.
Detroit, Mich.

John J. Meyers,

Jr.

JONES, JAMES E*

Robinson-Humphrey Co., Inc.
Atlanta, Ga.

Dempsey-Tegeler & Co.

Courts & Co.

Los

Gradison & Co.

Cincinnati, Ohio

Winton A. Jackson

Robert W. Haack

JOLLEY, MISS MALINDA

HECHT, JOHN C., Jr.

Angeles, Calif.

GLENN, PAUL W.
W. D.

Johnson & Johnson

Pittsburgh, Pa.

City

First Boston Corp.

Wm. R. Staats & Co.

JOHNSON, WILBUR E., Sr.*
Co.

HARDY, RUBIN-

GLASS, CHESTER M., Jr.

'»-£>•■ A

Co.

G. A. Saxton & Co.

New York

City

Securities

New York City

Josep^ McManus &

GILLERAN, EDWARD R.

Los

Southwestern

Dallas, Texas

Chicago, 111.

City

For 195S

Co.

Greensboro, N. C.

Taylor & Co.

GIBBS, LOUIS A.
Laird, Bissell & Meeds
New. York

McDaniel Lewis &

New York City

Angeles, Calif.

HERZENBERG, IRVING
Townsend, Graff & Co.
New York City

KAISER, CHARLES M.
Grady, Berwald & Co., Inc.
New York City

HEWARD, RICHARD W.
Janney & Co.
Philadelphia, Pa.

KAVANEWSKY, JOHN F*
Goldman, Sachs & Co.

HOMSEY, ANTON E.
du Pont, Homsey & Co.
Boston, Mass.

KEARNS, HUGH

GOODWIN, A. J.*
Securities & Exchange Com¬
mission, Washington, D. C.

HOMSEY, ANTON E., Jr., Pfc.
du Pont, Homsey & Co.
Boston, Mass.

KEARTON, JOHN G.
National Quotation Bureau

GOREY, WALTER C.*

HORN, CLARENCE A.
First of Michigan Corp.

KELLERMANN, HOWARD L.

GOLD, BENJAMIN
Siegel & Co., New York City

GOODEVE, CHARLES W.
F. B. Ashplant & Co.
New York City
GOODMAN, RICHARD H*
Shields & Company

New York

City

Walter C. Gorey Co.
San Francisco, Calif.

New

York

HOWARD, KENNETH J.
J. A. Hogle & Co.
New York City

City

HUDEPOHL, HARRY J*

GRAHAM, JOHN E*
G. H. Walker &

Westheimer & Co.

Co.

Cincinnati, Ohio

Hartford, Conn.

HUDSON, JOHN C. (CHET)
Thayer, Baker & Co.
Philadelphia, Pa.

GRAY, WM. S*
Wm. J. Mericka & Co.

GREEN, ROBERT
Stroud & Company, Inc.
Philadelphia, Pa.

HUDSON, JOHN M*
Thayer, Baker & Co.
Philadelphia, Pa.

Joiin J. ZsHin^er, Jr.

Joseph E. Smith

Philadelphia, Pa.
Robert W.

Alex. Brown & Sons

Company, Incorporated,

Haack, Robert W. Baird &

Chicago.

KELLY, EDWARD J*
Carl M. Loeb, Rhoades & Co.
New York City

Winton A.

KELLY, JAMES F.
Kidder, Peabody & Co.
New York City

Joseph E. Smith, Newburger & Co.; Philadelphia; Pa.

KELLY, JOSEPH M,

Jackson, First Southwest Company, Dallas, Texas.

John J. Meyers, Jr., Gordon Graves & Co., New York

John J. Zollinger, Jr.,

Starkweather & Co.

City

Continued

page

Thayer, Baker & Co.
Philadelphia, Pa.

Angeles, Calif.

HUDSON, MARY LOU
Philadelphia, Pa.

GREENBERG, THOMAS*

Unterberg, Towbin Co.

HUNTER, WELLINGTON
Wellington Hunter Associates

New York City

GREGORY, WILLIAM H., Jr.
Bonner & Gregory
New York City

For Financial Institutions—

Jersey City, N. J.
HUNT, GEORGE V *
McLaughlin, Reuss & Co.
New York

GROWNEY, E. MICHAEL

Joseph McManus & Co.
New York City
v

•

♦Denotes Mr. and Mrs.

Dependable trading markets

City

385 Over-the-Counter securities.

ISAACS, MILTON J*
Straus, Blosser & McDowell
Chicago, 111.

•

National

CHICAGO

coverage

through private wires—

;

CLEVELAND

LOS ANGELES

PITTSBURGH

PHILADELHIA

•

DALLAS

HARTFORD

DETROIT

ST. LOUIS

Aetna Securities Corporation
V

Troster, Singer

Underwriters and Distributors

Members: New York Security

Through

Industrial Securities

HA 2-

The
Years
111

Broadway

New York

6, N. Y.

2400

—

Dependable

City.

Scharff & Jones, Inc., New Orleans, La.

HUDSON, MASTER BOBBY

GREEN, SAM*
Pledger & Company, Inez

C. E.

Chicago, 111.

New York

Cleveland, Ohio

Los

American Securities Corp.

Baltimore, Md.

Detroit, Mich.

GRACE, IRVING P.*
W. C. Pitfield & Co.

New York City

Co.

Dealers Association

Trinity Place, New York 6, N. Y.

NY 1376

Thursday, October 14,

FINANCIAL CHRONICLE

THE COMMERCIAL and

19o4

NSTA Affiliates and Members
Security Traders Association of New York

Harry L. Arnold, Goldman, Sachs & Co.;
A. M. Kidder & Co.; Thomas Greenberg, C.

Co.; George V. Leone, Leone & Pollack;
Gordon Graves & Co.; Charles D. Zingraf,
bin

Charles King & Co.

Daniel

Newborg Si Co.

Samuel F. Colwell, W. E. Hutton & Co.;

The

January 1, 1954; Term

Bache

Hammlll

Shearson,

Co.

MARK

AIELLO,

Joseph

Verace

C. A. Alberts Si Co.

Joseph J. Lann Securities, Inc.

President: George V. Hunt, McLaughlin, Reuss &

Allen

Tisch, Fitzgerald & Company, Inc.

First Vice-President: Alfred F.

Second Vice-President: Edward J. Kelly, Carl M.

Hentz

Loeb, Rhoades

Directors: John P. Gahan,

Berwald & Co., Inc.; Barney Nieman,

Wertheim

Allen

MARKETS

ALL

CALL

ONE

Ingalls

Co.

Gearhart

COMPLETE BROKERAGE SERVICE

Ernst

BRUNS,

DEALERS, BROKERS AND
DEALER

BANKS

*
IN

GOVERNMENT

STATE

—

MUNICIPAL

REVENUE BONDS

AND

*
RAILROAD, PUBLIC UTILITY, INDUSTRIAL

Loeb.

AND

FOREIGN BONDS

COLWELL,
W.

LISTED

AND UNLISTED

PREFERRED AND

Batkin

WILLIAM
&

Mackie,

EDWARD

Reynolds

Co.
J.

'P. F. Fox Si Co.
CONLON.

& Co.

A.
Dillon &

JOHN

Eastman,

Co.

CONLON, Jr., JOSEPH F.
W. C. Pitfield & Co., Inc.
COPPLE, LIVEY E.
Smith, Barney & Co.

(Associate)

CORBEY, JOSEPH J.
Allen & Company

Inc.

distributing

Co.

H.
Company

HANS E.
New York Hanseatlc

of New York

Corporate and Municipal Securities

BEN.

Corporation

since 1886

Abbott, Proctor & Paine

RANSOM A.

BERNEBURG,

Inc. (Associate)

KERMIT L.

BERNHEIMER,
D.

Underwriters, Brokers and Dealers

Co.

BEAN. JULES
Singer. Bean

Inc. (Associate)

Bernheimer & Co.,

BERTSCH,

SAMUEL

Hutton

Co.

Wood, Gundy Si Co.,

COMMON STOCKS

CONLON, BERNARD

BENTLEY, HAROLD W.

& Co.

Rhodes

FRANK
Guaranty Trust

Incorporated

Co.,

Freeman Si Company

BURBANK, BERT
White, Weld & Co.

BECKER,

GEORGE L.

COLTHUP, JAMES

WILLARD

BASTIAN,

BECKER,

Company

BATKIN, ELY
BEAHAN,

Co.

Lebenthal

Blair

HENRY G.

Stone

BASS, SOL
Bear,' Stearns Si Co.
Carl

Inc.

Watson Si Co.

Hayden,

Frenkel

MURRAY L.

BARYSH,
Ernst

Otis,

BRYSON, JAMES F.

Co.

Allen

COLLINS.

Spencer Trask & Co.

Co.

EUGENE M.

White, Weld Si Co.

BRYAN, CHARLES F.

BARYSH, MAX
Ernst

T. L.

Co.

COLEMAN, C. MERRITT

Witter & Co.

Dean

Co.

Joseph Faroll & Co.

BRUGGEMAN, CHARLES

BURTON

WILLIAM

COLANDRO, JOSEPH

Tweedy, Browne Si Reilly

Co.

BARTON, D. FREDERICK
Eastman, Dillon & Co.
BARYSH,

(Associate)

Snyder

BROWNE, HOWARD S.

BARTOLD, HENRY S.
Eastman, Dillon Si Co.

COHEN.

W. E. Hutton Si Co.

FRANK D.

Gersten

BROWN, THOMAS J.

BARTH, PETER L.
Walston

Corporation

Cohu & Co.

Gilliland Si Co.

Walnwright

Goodbody

BROWN, JULIUS D.

BARNES, RICHARD M.
A. M. Kidder <Ss Co.
BARRETT.

Co.

CLEMENCE, EDWIN G.

BROWN, HAROLD L.

PHILIP T.

Barmonde,

Hanseatic

ALVIN

WILLIAM

CLEAVER, JAMES

Si Curtis

Tweedy, Browne & Reilly

Higginson Corporation

Lee

York

Corp.

R. W. Pressprich & Co.

BROWN, D. HOWARD

BARKER, JOHN S.

BARMONDE,

New

Hornblower Si Weeks

Si Company

BROWN,

PETER

Barken

CHAVE,

Boston

EDWARD

CHRISTOPHER,

Paine, Webber, Jackson

Corporation

Co.

Robinson

Trask

Spencer

Graham, Ross & Co., Inc.

LESLIE
G. A. Saxton & Co., Inc.

Peter

Company

BROCHU, PETER

BARRIER.

BARKEN.

First

The

CHAPMAN,

BROOMHALL, ALLEN

Carolina

★★★★★★★★★★★★

Legg

Jr.

CHANNELL, CLIFFORD K.

Co.j Inc.

BROOKS, GEORGE F.

JOHN W.
Securities

BAIR,

★

Vanderhoef

STANLEY BRUCE

BRIGGS,

Co.

John

THOMAS

BAILEY,

Incorporated

Co.,

Rice,

CARLO

CERU,

(Associate)

BREWER, ID, JAMES R,

Aronson

White

CASPER, HARRY D.
John J. O'Kane, Jr.

McLaughlin, Reuss Si Co.

AVERELL. ALFRED B.
Bache & Co.

Schoellkopf, Hutton & Pomeroy, Inc.;

Charles M. Kaiser, Grady,

FRANK J.

BRENNAN, JAMES I.

K. S.
(Associate)

GERALD

Bernard

Zuckerman, Smith <S? Co.

ARNOLD, HARRY L.
Goldman, Sachs & Co.

ARONSON,

& Co.

Secretary: Henry Oetjen, McGinnis & Company.
Treasurer: Nathan A. Krumholz, Siegel & Co.

Co.

CARUCCI, JOSEPH

Inc.

BRAND, HARRY L.

Company

ALTMAN, MOSES

Co.

(Associate)

HERBERT

ALLEN.

Nathan A. Krumholz

Co.

Haupt Si Co.

Blair

Pizzini Si Co..

BRADY,

ALEXANDER, DOUGLAS C.

Henry Oetjen

Ira

BRADLEY, WALTER V.
B.

Week

CARROLL, JOHN J.

Co.

WILLIAM

Albert

CARRINGTON, Jr., WILLIAM G.

BOUTON, HOWARD R.

(Associate)

CHESTER A.

ALBERTS.

CAREY.

Co.

McManus

J. B. Boucher Si Co.

Spencer Trask & Co.
Walston & Co.

Talmadge & Co.

Capper & Co.

BOUCHER, JOHN B.

ALBERTI, JOSEPH

Corp.

(Associate)

Co.

CAPPER, MILTON

JOSEPH V.

BOND,

CAPPA, MICHAEL

Lasser Bros.

Company

Freeman

(Associate

JOEL

Sartorius

Inc.

Hanseatic

York

New

(Associate)

CANTER,

Co.,

BOLOGNINI, RINALDO A.

PHILIP H.

ACKERT,

Boland

Boland, Baffin Si Co.

ABELOW. ALFRED I.
Mitchell & Company

Corporator

Corporation

Michigan

CANAVAN, JOHN J.

BOLAND, WILLIAM H.

ABELE, EDWIN A.
Blair & Co., Incorporated

CAMPBELL, JAMES V.
H. C. Wainwright & Co.

Continental Corp.

JOHN C.

First

BOGGS, WILLIAM H.
John

Inc.

Co.

CALLAWAY, Jr., DAVID H.

SOL M.

United

Co.

RICHARD F.

Denton,

The Dominion Securities

ROSTER OF MEMBERS

ABBE,

Cahen

CALEF,

Expires: December 31, 1954.

BLOOM,

Co., Jersey City, N. J.

SAMUEL K.

CAHEN,
8.

JOSEPH
Bros.

Burns

Edward J. Kelly
JEROME

CABBLE,

Joseph D. Krasowich, Bonner & Gregory; Cyril M. Murphy, John C. Legg &
Company; Theodore E. Plumridge, Eastern Securities, Inc.;
Stanley M. Waldron, Merrill Lynch, Pierce, Fenner & Beane.

Took Office:

HENRY

Tellier

Corporation

Boston

First

BYRNE,

Peter Brochu, Allen & Company;

Alternates:

JOHN

BUTLER,

McLaughlin, Reuss & Co.; Samuel E. Magid,
Hill, Thompson & Co., Inc.; John J. Meyers, Jr., Gordon Graves
& Co.; Stanley L. Roggenburg, Roggenburg & Company.

Company

Auchincloss, Parker Si Redpatn

George V. Hunt,

AAL,

and

Rice

HAROLD J.

BURKE,

BUSCHMAN, HERBERT

National Committeemen:

Alfred F. Tisch

ARTHUR

BURIAN,

& Co.

George V. Hunt

GERARD L.

BURCHARD,

Moseley & Co.;
Richard M. Barnes,
E. Unterherg, TowJohn J. Meyers, Jr.,
Laurence M. Marks

Co., Inc.; Salvatore J. Rappa, F. S.

Carl Marks &

Saxton

ARTHUR
Si

Co., Inc.

OTTO

Berwald

BERWALD.

Grady,
BESWICK.

Co.

SAMUEL F.

W. E. HUTTON & CO.

Bissell & Meeds

Laird.

BEZER, CHARLES A.
Sutro Bros. & Co.

MABON & CO.
Sixty

YORK

AMERICAN

STOCK
STOCK

EXCHANGE
EXCHANGE

*
115

Broadway, New York 6
Bell

•

BIRD.

Co.

JOSEPH

and other leading exchanges

Co.

JAMES F.

Birnbaum

Philadelphia

& Co.

BLAIR. FRANK H.

Allen

STEPHEN

★ ★★★★★★★★★★★★

BLANK, ANDREW
F.

Burlington, Vt.

Baltimore

Boston

Columbus, 0.

Dayton, O.

Easton,Pa.

Lewiston, Me. 'j

Lexington, Ky.

Portland, Me.

Company

BLANCHARD,

CINCINNATI

NEW YORK

BIRNBAUM, NAHUM

Schwabacher & Co.

(Associate)

Gude, Winmill Si Co.

Telephone REctor 2-2820

System Teletype NY 1-2152

Cowen

Ladln

BILLINGS.

MEMBERS
NEW

Edward

Years of Brokerage Service

Members New York Stock Exchange

BIES, SYLVESTER J.

Fox

Co.

BLOCKLEY, JOHN C.
Harris, Upham & Co.

Hartford, Conn.

Convention

COEKEY,
E.

THE COMMERCIAL and FINANCIAL

Number

DONALD

Hutton

Farrell

COBLEY, EDWARD M.

Blyth

& Co.,

Peter P. McDermott &

Mitchell

Co.

FILKINS,

Reed, Lear & Co.

FISCHER,

Si Co.,

Cryan

Robert

(Associate)

Inc.

(Honorary)

ERNEST

Inc.

McManus

FLANAGAN,

FRANCIS M.

John J.

Hayden, Stone & Co. (Associate)
Adams & Peck

FOOTE,

DANEMEYER, JOHN J.

Fenner Si

Pierce,

DAVIS, JOHN HENRY
Sutro Bros. & Co. (Associate)

FORBES,

DAVIS, MARTIN

FOX, P. FRED

F. Eberstadt & Co.

Merrill

Allyn

Co.,

Inc.

American

FRANK,

Berlinger

Bros.

ALBERT

Robbins

Singer,

Co., Newark. N. J.

DIXON, WILLIAM
Cutter

Laurence

J. B.

and Company,

Inc.

Boucher & Co.

Incorporated

FROST,
A.

Fenner

Pierce,

Beane

DUNN,

GAMMONS,

Lynch. Pierce, Fenner Si Beane
(Honorary)

& Rollins

Dunne

First

Knox

GERMAIN,

EBBITT, KENNETH COOPER
Shelby Cullom Davis Si Co.

ECKSTEIN, J. FRANCIS
Interstate Securities Corporation

GESSELL.

EGENES, BERGER
Merrill Lynch,

Pierce,

Fenner Si Beane

GEYER,

EIGER, WILLIAM

Blair

ENGLANDER.

Edwin

Si Co.

GILL,

(Associate)

WILLIAM T.
SEYMOUR
& Co.,

Pollock

Corporation

Gill

gish.

m$>

Over-the-Counter Market

GURDEN

Co., Inc.

ARTHUR T.
Hutton &

The Francis I. duPont & Co

Co.

from

WILLIAM

Company

New

York

Hanseatic

Francis l duPont & Co.

W. E. Burnet Si Co.

Members New York Stock Exchange

Principal Security & Commodity Exchanges

Arnhold

Si S.

Bleichroeder, Inc

HEANEY,

INVESTMENT DEALERS

BROKERS IN

(Associate)

UNDERWRITERS

•

DISTRIBUTORS

MICHAEL J.

Michael

Heaney

Co.

Main office

HECHT, JOSEPH T.
Mabon

•

SECURITIES AND COMMODITIES

Co.

One Wall Street, New

York 5, N. Y

Teletype NY 1-1181

Telephone Dlgby 4*2000

HEFFERNAN,

THOMAS

Chicago, III.

Fresno, Cal.

Philadelphia, Pa.

Galesburg, III

Quiney, III.

Kankakee, III.

Wilmington, Del.

Rochester, N. Y.

Baron G.

Co.

HELFGOTT, LAWRENCE
HERZENBERG,
Townsend,

(Associate)

IRVING

Graff & Co.

(Associate)

HIGGINS,

GEORGE FARRELL

Clark, Dodge Si Co.
HINCHMAN, ROBERT M.
HINES, JOHN D.
Dean

Sacramento, Cal

Kewanee, III.

St.

Beverly Hills, Cal.

Los

Wemphis, Tenn.

San Francisco,

Charlolte, N. C.

Miami, Fla.

Sikeston, Mo.

Cleveland, Ohio

Miami Beach, Fla.

Sioux City, Iowa

Dallas, Texas

Milwaukee, Wis.

Springfield, III.

Angeles, Cal.

Joseph, Mo

St. Louis, Mo.

Cal.

Storm Lake, Iowa

Danville, III.

Minneapolis, Minn,
Newark, N. J.

Elmira, N. Y.

New Orleans,

Enid, Okla.

Oklahoma City, Okla.

Washington, D. C.

Fort Dodge, Iowa

Omaha, Neb.

West Palm Beach, Fla.

Fort Lauderdale, Fla.

Pasadena, Cal.

White Plains, N. Y.

Fort Worth, Texas

Inc.

Co..

Kansas City, Wo.

Bakersfield, Cat.

Decatur, III.

HERZOG, ROBERT I.
Herzog Si

Cedar Rapids, Iowa

Helbig Si Co.

Kuhn, Loeb Si Co.

Akron, Ohio

HELBIG, BARON G.

KINGSTON

Peoria, III.

Wichita, Kansas

Streator, III.
La,

Terre Haute,

Ind.

Witter & Co.

IIOBLITZELL, BRUCE C.

and

—

Corporation

RAYMOND

Ira Haupt Si Co.

carl

network of 62 offices

provides prompt, efficient service
unlisted securities
including inactive local issues
well as leading Industrial, Public Utility, Bank
coast to coast

and Insurance stocks,

HEIDINGSFELD, JESSE
Ira Haupt & Co. (Associate)

Co.

Boettcher

Company

Wm. L. Burton & Co.

w/mZZZZ

///

Wires

Private

ft®

v<t

ATLANTA

LISTED

UNLISTED

BOSTON
•

BUFFALO

PERSHING & CO.

CHICAGO

SECURITIES

Members
DETROIT
HARTFORD

New York Stock

PROVIDENCE
ST. LOUIS

Telephone WOrth 4-4300

American Stock Exchange

Exchange

Chicago Board of Trade

PITTSBURGH

Teletype NY 1-750

24)

of the

Hardy Si Co.

FRANK
Ginberg, Strauss Si Co., Inc.

Inc.

Co.

HECK, JOHN

THOMAS P.
&

Co.

HAYES, JAMES J.
Murphy & Durieu

Co.

Tatro

on page

Nationwide Coverage

Curtis

HATZ. ARTHUR

GINBERG,

Shields Si Company
FABRIC ANT,

HARVEY, EDWARD A.
L. A. Mathey & Co.

GIBB8, LOUIS a.
Laird, Bissell Si Meeds

SAMUEL

Sherman

ERICKSON,

HERBERT

(Continued

Pizzini &

HARTIGAN,

GEORGE
Co., Incorporated

GHEGAN.

Englander Si Co.
ENGLE, TRACY R.

Jnc

Goodbody & Co.
EISELE, FREDERICK R.
Freeman Si Company

Wm.

Pomeroy,

Stone & Co., Inc.

Kugel,

Co.

J. J.

Gregory

HART, MAURICE

Co.

Bros.

Inc.

Hardy Si Hardy

Co.

GERTLER. JOHN H.
Barr

Co.,

GERSTEN. HENRY B.
Oscar Grusg Si Son

PETER duBOIg
E. Qulncey & Co.

Day Si Co.

Allen Si

Troster, Singer Si Co.

ECKLER,

ROBERT

Bonner

Co.

HARDY, HARRY J.

Hutton &

JOHN

(Associate)

Alsberg

JOHN

HARDER,

Company

eaton, stanley c.

Michigan

IRWIN

IIAMILL,

AARON ALTER

GELLER,
Allen

GEARHART, Jr., FREDERICK
Gearhart & Otis, Inc.

Si Co., Inc.

EAGAN, JOSEPH C.
Frank C. Masterson Si Co.

Chas.

PAUL A.

Inc.

Forgan & Co.

HALSEY,

Wallace &

JAMES

Walston

DURNIN, JAMES B.
H.

Starkweather

KELLY,

Co.,

Saxton

HALK,

GANNON. LESTER F,
Peter Morgan & Cq.

GAVIN.

Co.

White, Weld

GANSER, EDWARD N.

DUNNE, FRANK

GUTTMAN, RUDOLPH

Bradley, Gammons & Co., Inc. (Associate)

JOSEPH

HARRY

Kaufmann,

Inc.

Co.

Frenkel

Schoellkopf,

FRANK
(Associate)

GAMBOL J.

Dunn

LESTER

GUMM,

GUTTAG,

GAHAN. JOHN P.

Asiel & Co.

Merrill

Si Co.,

Free

FRANCIS

Becker

Co.

KELLY, JOSEPH M.

JACOBUS, ROYDEN E.
Vilas Si Hickey

GUTBERLET, EDWIN S.
Paine, Webber, Jackson

FUCHS, AUGUST G.
George

LESTER T.
Hardy & Co.

Sunstein

Glore,

Edwards & Sons

Penbodv

Kidder.

FRANCIS

KELLY, JAMES
Co.

GURLEY, II. FRASER

Sterling, Grace Si Co.

DOYLE,

DUGA, J.

FRINGS, J. GEORGE

LEON B.
(Associate)

DRUCKER,

PAUL

KELLY, EDWARD J.
Carl
M.
Loeb. Rhoades

A.
Si

HANS

SAMUEL

FRENKEL,

Co.

Lynch,

Co.

W. York

Gersten

Reynolds Si Co.

Merrill

City,

FRENCH, JOHN S.
A. C. Allyn and Company, Inc.

DONNELLY, Jr.. JAMES A.

DORSEY, JOSEPH

Jersey

FREE, FREDERICK L.

DONADIO, JOSEPH F.
Wm. V. Frankel Si Co.,

Asiel &

Co.,

Frazier

Frederick

JACOBSON.

Co.

Craigmyle, Pinney & Co.

FREDERICKS, Jr., PAUL C.
Warren

EDWIN
Sherman

KELLEY, EUGENE F.
Shelby Cullom Davis Si Co.

Walker Si Co.

GUITON,

Incorporated

Baxter, Williams Si Co.

LAWRENCE P.

DORFMAN,

& Co.,

FREDERICK,
J.

DOHERTY, WILLIAM H.
A. M. Kidder & Co.

DOLAN.

Wien

Hirsch

Joseph McManus & Co.

FRAZIER, LAURENCE S.

Dixon

JOHN

Allyn

WILLIAM
Frankel

Noel Si Co.

Alstyne.

GROWNEY, E. MICHAEL

Inc.

(Associate)

DITTELL, LEONARD
Dreyfus & Co.

DOHERTY

Van

Gregory

Gerstley,

Mackie,

City,

WILLIAM H.

GRONICK,

FRANKLIN, ROBERT

Lubetkin & Co.

Seligman,

Bean

Shearson, Hammill Si Co.

JACOBS. SIDNEY
Sidney Jacobs Co.

(Associate)

Gregory

Co.

KANE, WALTER

Co.

HERMAN

FRANKEL,
Wm.

RALPH

Co.

FRANCIS

GRIMSHAW, FREDERICK M.
G.

ADRIAN

FRANKEL,

HARRY K.

GREGORY, III,

Ernst

Co.

Moore

KANE, THOMAS

KASSEBAUM. JOHN E.

Company

Ungerleider

Co., Inc.

Frank C.

Co.

KEATING, LAURENCE C.

JACOBS.

Eliasberg
&

KALES, DAVIS
Wood, Gundy Si Co., Inc.

ITTLEMAN, IRVING
Errfct & Co.

ALLEN

GREGORY, Jr., WM. II.

(Associate)

Corp.

ROBERT R.
Reinholdt & Gardner

(Associate)
DIMPEL.

GREENFIELD,

Corporation

Bonner
Si

FRANKEL.

<fc

Gersten

Securities

FRANK,

Co.

SAMUEL F.
L. H. Ingraham Si Co.
C. D.

(Associate)

Co.

KAISER, CHARLES M.
Grady, Berwald Si Co., Inc.

ISAAC. IRVING H.
Stryker & Brown

Co.

Company

NATHANIEL

Bonner

Co.

SOCIO,

DIMPEL,

Co.

GREENE,

ISADORE

Frank

MAYE, JOHN

Sutro

and

Greene

Thalmann

Investors

FRANK,

DELAIRE,

IRVING

GREENE,

Ernst

KANE, GERALD F.

GEORGE

Jersey

Towbin

Unterberg,

HARRY

Frank

DeFINE, ROBERT E.

ALVIN J.
McLaughlin, Reuss

Greenfield

Joseph McManus & Co.

Co.

Bear, Stearns & Co.

FRANK, HAROLD W.

DEDRICK, GEORGE E.

Frederick F.

Beane

BARTON

ALBERT

Ladenburg,

Co.

Fenner

Pierce,

Co.

KAHN, HENRY

HUNTER. WELLINGTON
Wellington Hunter Associates,

Inc.

Charles A. Kahl & Co.

JANSEN

Weld &
&

O'Connell Si Co.,

Homer

HUNT, GEORGE V.
McLaughlin, Reuss Si Co.

GREENBERG, THOMAS

FRANK,

DAWSON-SMITH, STANLEY E.
Cruttenden

Lynch,

Fox

FOX,

DAVIS, THOMAS JOSEPH
A.

Inc.

Co.

KAHL, CHARLES A.

& Son

D'Assern

Co.,

Purcell

HUNT,

P.
Si

GREENBERG, ALAN C.

CLEMENT

RAYMOND

White,

Sachs & Co.

IRVING
Pitfield

Edward

Si Co.

Pont

HUNT, E.

KADELL, ALLAN

Co.

CLINTON

Godnick

Hill & Co.

GRAHAM, FRANK

GORDON R.

Francis I.

Beane

Co.

HULSEBOSCH, GERARD F.

VINCENT M.

GRACE,

Freres

HUFF. Jr., ASA C.
Georgeson & Co.

W1LLARD S.

Goldman,

O'Kane, Jr., Si Co.

Courts

Long Si Meaney

11.

Inc.

Company,

WALTER R.
& Co., Inc.

Saxton

JOYCE, WILLIAM H.
Joyce, Kuehner Si Co.

HORTON. CHARLES C.
Braun, Bosworth & Co., Inc.

Co.

JONES, JAMES E.
H.

Loeb &

HOUGH,

RICHARD

Benjamin,

FLECKNER, WILLIAM L.
Merrill Lynch, Pierce, Fenner Si Beane

DALE, CALVIN D.

Kuhn,

Si Company

GOWAN,

Corporation

HORN, EDWARD A.

Co.

Ashplant

GOURSE,

(Associate)

JOSEPH

Shields

Hanseatic

EARL

Lazard

STANLEY J.

Battles

JOHNSON,

HORCH. ERNEST M.

Si Co.

DAVID

GOODMAN,

DOM1NICK A.

Alstyne, Noel & Co.

Joseph

Paine, Webber, Jackson & Curtis

Lynch,

FITZPATRICK, FRANCIS J.

Broeck

Vanden

GOODEVE, CHARLES W.

Pitfield & Co.,

Van

Incorporated

Co.

JOHNSON,
Co.

Gearhart & Otis, Inc.

SAUL

Golkin

York

HOOPER.

Newburger, Loeb Si Co.
GOLK1N,

McManus

Estabrook & Co.

(Associate)

GOLDSTEIN,

Byfleid

FITZPATRICK,

CUSACK, JOHN T.

New

Corporation

GOLDSCHMIDT, SAM'L

Co.

EDWARD A.

Joseph

(Associate)

FitzGERALD, JOHN M.

Securities Corporation

& Webster

Oppenheimer,

JAMLS F.
Canady & Co., Inc.

CURRY, THOMAS L.

Merrill

GOLD, SAMUEL
Lapham & Co.

FitzGERALD,

CURRIE, Jr.. JAMES

DAINES,

Singer

Co.

HONIG, JACK

GOLDMAN, EDWARD PRINCE

WALTER

Troster,

CRYAN, FRANK M.

DAHLGREN,

Company

Spiegelberg, Feuer Si Co.

CROWLEY, JOHN B.

Baker

(Associate)

Hanseatic

York

New

FEUER, ABRAM J.

Laurence M. Marks

Amott,

GOLD, SAMUEL

CHARLES

JANN,

Brothers

Barr

Corporation

HOLTZMAN, SYDNEY

GOLD. DAVID
Lapham & Co.

FELTMAN, IRVING L.

CRONE, EDWARD A.

Stone

Gregory

Feldman

Arnold

Co.

Goodbody & Co.

Securities

ARNOLD

Bonner Si

FELDMAN,

CRAIG, JOSEPH J.

Carolina

Co.

FARRELL, JOSEPH V.

Inc.

COURTNEY, HARRY

Frank

Securities

JOHN J.

HOLLAN,

GLEASON, THOMAS W.

FARRELL, JOHN J.

Co.

CHRONICLE

■

120

BROADWAY, NEW YORK 5, N. Y.

WHEELING
>•

YOUNGSTOWN

•

THE COMMERCIAL and

John

Stifel, Nicolaus

Bunn,

President

& Company, Incorporated, St.

addressing

dinner

Louis,

elected

newly

meeting

LALLY,

Allen

Walston

F.
Co. (Associate)

Robinson

Dominion

(Associate)

Bonner

Hardy Si Co.

John

Co.

Charles

King

Bros.

Siegel

(Associate)

Co.

KIRTLAND,

Co. Inc.

HANNS

Leone

Carl

KUMM,

LEVY,

KUX,
Co.

LACY,

Wertheim & Co.

KNOX, HERBERT D.
H.

KOCH,

Knox

LADD,

Co.,

Inc.

The

GEORGE J.

Lasser

Bros.

(Associate)

3rd,

Nile

Brothers,

MacLEOD,
Co.

Blair

Corp.

Bonner

c».

McKinnon

Weeks

Gregory

McGOWAN, ALFRED

Securities

Corporation

Hayden,

FRANK

FR \v.K
&

McGOVERN, WILLIAM J.

Stone

Co.

McKENNA, FRANK V.
Grimm

Co.

Jr., WILLIAM
Goldman, Sachs & Co.

LIPSKY,

Corp.

Co.

CONRAD

(Associate)

McVEY, GEORGE M.

MAGID,

meislohn,

Hill,

Co.

Weld

Wainwright &

Co.

MERCOVICH, ANTHONY S.

Peter

EDWIN J.

Wertheim

Wood,

Co.

edwin

jefferson

MeDermott

Laidlaw

Co.

ALLISON

Gundy

mewing, h.

Co.,

D'Assern

Inc.

MEYER,

GEORGE

MARTENS.

Bear,

Co.

MASTERSON,
Frank

THE W. L. MAXSON CORPORATION

Masterson

PHILIP

Merrill

Jackson

Curtis

Graves

Co.

meyers, william t.
Gordon

IRVING

Graves

Co.

michels, harry A.

Co.

Allen

Lynch,

Co.

RANDOLPH

Webber,

Gordon

meyers, Jr., JOHN J.

Co.

Company

MILLER, HARRY d.

MAYER, JOHN M.
Pierce.

Fenner

Nugent As Igoe,

Beane

East Orange,

miller, JOHN

McCABE, MATTHEW J.
Singer, Bean & Mackie, Inc.

RECENT GROWTH RECORD

Rose

(Associate)

JOSEPH
Haupt Si Co.

Cohu &

Production

MEYER,
Paine,

(Associate)

FRANK

MAXFIELD,

Co.

MILTON

Shufro,

MATHES,
Ira

walter

HERMAN D.

MEYER,

Co.

ANGELO

Co.

Josephal &

Joseph Faroll & Co.

;

RALPH
Stearns &

MARTINELLI,

—

(Associate)

mendel,

MARTIN,

Development

walter
Co.

WILLIAM T.

Co.

CHARLES

White,

MELLIN,

(Associate)

MARSLAND,

Company

Bache

Inc.

THOMAS MICHAEL

MALONE,
Gill

Lehman Brothers

SAMUEL E.
Thompson & Co.,

MARKHAM.

Singer & Co.

MANSON, JOHN N.
Hardy & Co.

ERNEST

CORNELIUS

Burnham

LITZEL.

john

White, Weld & Co.
McMANUS, JOSEPH V.
Joseph McManus Si Co.

MADER, HENRY J.
White, Weld & Co.

Co.

Lauer & Co.

Troster,

Mclaughlin,

Incorporated

Co.,

MADDOX,

Lichtenstein

Mclaughlin, john f.
McLaughlin, Reuss Si Co.

DONALD

Apiott, Baker

<fe

Co.

Incorporated

9 Mos. to

FISCAL YEARS ENDING SEPTEMBER 30
1950

1951
.

•

Net Sales,

1952

June 30,

1953

1954

■

Over

Half

Century of Efficient and Economical Service

———

$3,229,000

$7,453,000

$15,923,000

$34,377,000

$27,736,677

Taxes

211,000

770,000

1,351,000

3,160,000

2,301,786

Net Profit After Taxes..

211,000

524,000

526,000

1,085,000

1,009,786

$.81

$1.92

$1.82

$3.54

$3.06

261,800

272,272

288,608

305,924

330,397

Net

Profit

Before

Net Profit per

Share....

Outstanding*

....

Working Capital

AS TRANSFER AGENT
in

NEW

801,000

1,343,000

2,557,000

4,444,000

2,153,000

2,638,000

3,667,000

YORK, N. Y. AND JERSEY CITY, N. J.

afford

economies

4,600,084

and
Net Worth

Net Worth per

Share.,..

$6.42

$7.91

$11.99

$9.14

$13.92

other

advantages

their stockholders.
°

•*

Write for our free booklet setting forth the Current Federal
and

and

underwriters, distributors, corporations

5,198,771

1,681,000

State

Stock

Original

Issue

and

Transfer

Tax

Rates.

Increases from stock dividends.

Annual

Report will be

REGISTRAR AND TRANSFER COMPANY

sent on request

50 CHURCH STREET
460 West 34th

Street

New

York

1, New York

Beane

Inc. (Associate;

Peck

Thomson

ROBERT A.

MACKIE,

Co.

MILTON

LIENHARD,

Ladin

Sachs

Haupt &

Stern,

EDWARD

EDWIN

—

Hornblower

JOHN

Dominion

Cohu

Research

Deventer

McGIVNEY,

JOHN VINCENT

MACKESSY,

Fenner

Co.

McGIVNEY, JAMES

The

LICHTENSTEIN, BENJAMIN

Corporation

First Boston

Edward

LYONS. LAURENCE H.
Allen & Company

Singer, Bean Si Mackie, Inc.

GUSTAVE

LIEBENFROST,

Dowling

LADIN,

Stephen

Burnet

Adams

MACDONALD.

MARTIN L.

LEWIS,

Co.

Hicks

HERBERT

Pulls,

Van

Co.

Rhodes &

LACY

American

KNAPP, REGINALD J.

Pierce.

Mcdowell, robert b.

Abbott, Proctor Si Paine

MONROE

Goldman,
LEVY,

WILLIAM

Coggeshall

KLEIN, LEROY

Inc.

Co.,

Company

Lepow Company

Co.

ROBERT
Loeb.

(Associate)

MORRIS

MacCULLEY, IRA B.
Equitable Securities

Pollack

Mcdonald,

Shields & Company

R.
&

Lynch,

LYTLE,

(Associate)

LEONE, GEORGE V.

Kuehner Si

KULLMAN,

KLEIN, CHARLES E.
Granbery, Marache & Co.

Lee-Willen

Inc.

Corporation

Mcdowell, harold m.
Co.

Birnbaum

Securities

Merrill

LLOYD E.
Seligman, Lubetkin & Co.

Birnbaum

KENNETH

Mitchell

Ira

Lebenthal

Knox

LEIBERT,

KUIPERS, HENRY G.
Lord, Abbett & Co.

Filor, Bullard Si Smyth

meeting

Co.

Joyce,

Corp.

Delafield

GEORGE

ROY

LEPOW,

JOSEPH J.

dinner

McCLUSKEY, JAMES

& McKinnon

LUTTERMAN

Wm. E. Pollock & Co., Inc.

LARSON,

NATHAN

addressing

Union

LUKOW, NAT

Inc.

Co.,

LARKIN, THOMAS
Goodbody Si Co.
1

Kruge &

KUEHNER,

King Si King Securities
Delafield

PHILLIP
Si

LANZA, P. PAUL

Legg & Company

KRUMHOLZ,

KING, SAMUEL H.
KIRK,

Corpn.

Gregory

WALTER

Walter

Co.

KING, MARTIN I.
Sutro

KRUGE,

KING, CHARLES

Co.,

LUBETKIN,

(Associate)

JOSEPH J.
Joseph J. Lann Securities,

KRISAM. WILBUR

KIMBERLY, OLIVER A.
Starkweather Si

Electric

Company

FELIX

Thomson

Lang & Co.

Weeden

KRASOWICH, JOSEPH D.

KILMER, HUGH

JAMES

LANGDON,

Securities

City

McCarthy, daniel d.

LOPEZ,

LANN,

KRANZ. GEORGE
Putnam Fund Distributors, Inc.

IRVIN W.
&

Company

KORN, WILLIAM I.

KENNEY, JAMES

Vanderhoef

KOLLER, Jr., FRANK H.
General Investing Corp.

Raymond Kenney Si Co.

KERR,

Atlantic

McCALL, FRANK J.
Hayden, Stone & Co.

Allen

Anderson

Kidder, Peabody & Co.

KOERNER, IRVING

Incorporated

PAUL

LANG,
Burr,

LOPATO, ALLAN

Ellis

Green,

ROSTER OF MEMBERS

President

LOELIGER, FRED V.
Carl Marks Si Co., Inc.

ELMER

LAND, EARLE
LANE,

Coffin

England,

Hayden, Stone St Co.

(Continued from page 23)

KENNEY, D. RAYMOND

Security Traders Association of New York

KENNEDY, WALTER V.

Thursday, October 14, 1954

FINANCIAL CHRONICLE

E,tabbed

15 EXCHANGE PLACE

New York 7, N. Y.

is99

Jersey City 2, N. J.

BEekman 3-2170

HEnderson 4-8525

Convention Number

THE COMMERCIAL and FINANCIAL

CHRONICLE

SSI

John

Lud

Hudson, Thayer, Baker & Co., Philadelphia; Phil Clark, Amos C. Sudler & Co., Denver;
Bunn, Stifel, Nicolaus & Co., Incorporated, St. Louis; Lawrence S. Pulliam, Weeden & Co.,
Los
Angeles; Lex Jolley, The Robinson-Humphrey Company, Inc., Atlanta

John W.

Herrick

Co.,

Barrett

SAMUEL

MILT,

George B.

Inc.

NELSON,

PAYNE,

PEENE,
(Associate)

Hanson

MITCHELL, DAVID R.
Hill, Thompson & Co., Inc.
MITCHELL, JOSEPH A.

NESTER,

Merrill

Bonner

CO.

Gregory

WALTER C.

Ira

Laurence

RICHARD

MONTANYE,

York

Marks

Newborg

Clark,

NYE,

(Associate)

Laidlaw

MORRISSEY, JOSEPH P.
Buck

Richard

& Co.

McDermott

Goodbody

Hemphill,

O'KANE, EDWARD R.
John

O'Kane, Jr.

& Co.

MULLINS, THOMAS J.

John

in, CHARLE O'BRIEN

Bernheimer &

O'Kane.

Jr.

KENNETH P.

Troster,

Blyth & Co., Inc.

Singer

Goldman,

Wainwright & Co.

EDWARD

RUSKIN,

Hickey

Singer,

Co.

Beane

<fc

Mackie, Inc.

RUSSELL. EDWARD WILLIAM

Edelmann

Henry

Co.

RIGGIO, ANDREW F.
Walston

RUSSELL, Jr.,

Co.

Glore.

PARIS SCOTT

Forgan <fe Co.

ROBB, ERNEST N.

CHARLES F.

Paine, Webber, Jackson &

RUTBERG, SAM J.

Curtis

Rutberg & Co., Inc.

ROBERTS, RICHARD
R.

(Continued

C. Roberts & Co.

(Associate)
on page

Sachs

Co.

MILTON

At Tour Service

Osborne & Co.

PARSONS, HOWARD

White, Weld & Co.

Murphy & Durieu

PATTERSON, HOWARD G.

WALTER J.

Freeman & Company

Lynch, Pierce, Fenner & Beane

PA VIS,

MUSSON, JAMES F.
B. J.

Vilas

REUTER, WILLIAM C.
Mabon & Co. (Associate)

PRELLER, FRED W.
Eastman, Dillon 8s Co.

FRANK

OSBORNE, C.

MURPHY, WALTER A.

Merrill

Co.

O'ROURKE, EDWARD JOSEPH

Jr., WALTER

MURPHY,

ORLOFF, HARRY

MURPHY, RICHARD J.
Wm. L. Burton <fc Co.
MURPHY.

FRED

RUGEN,

Newborg & Co.

Goodbody & Co.

& Gregory

MURPHY,

& Co. (Associate)

Witter & Co.

Cady, Roberts & Co.
ORLANDO,

MURPHY, HAROLD I.
Bonner

Loeb

RUBIEN, EVERETT R.

Inc.

Securities,

OPITZ, FRED W.

Legg & Company

FRANK A.

Chas.

Van Ingen 8s Co. Inc.

Quincey <fe Co.

Singer, Bean & Mackie, inc.
40

Founded 1851

New York 5

Exchange Place

NY 1-1825 &

HAnover 2-0270

UNDERWRITERS

•

DISTRIBUTORS

State and

FIRM TRADING MARKETS
IN OVER 250 STOCKS

Municipal Bonds

ESTABROOK

CO.

Direct

Associate

BOSTON STOCK EXCHANGES

Member American

Arthur M.

Stock Exchange

Ned J.
40

Wall St., NEW YORK 5

HARTFORD

•

POUGHKEEPSIE

IS State St., BOSTON 9, MASS.
•

Wires to

Reynolds & Co.,

MEMBERS
NEW YORK AND

PROVIDENCE

•

1-1826

DEALERS

Industrial, Public Utility and Railroad Securities

SPRINGFIELD

—1

RETALLICK, ARTHUR B.

Co.

JOHN J.

Co.

EDWARD

Thalmann & Co. (Associate)

MILTON

ROTH,

Cohu

Stamm

Goodbody & Co.

Co., Inc.

CYRIL M.

MURPHY,
John

O'MARA,

Noyes

Ladenburg,

REISMAN, IRVING

Bastman, Dillon & Cc.

White. Weld & Co.

ItOSENZWEIG,

Pollack

POWELL, ALFRED L.
Alfred L. Powell Company
PRELLER,

O'KANE, Jr., JOHN J.

ROSENBAUM, HARRY

King, Libaire, Stout & Co.

Dean

PORTER, WILLIAM K.

OHLANDT, Jr., JOHN D.
New York Hanseatic Corporation

Co.

MacBride, Miller & Co., Newark, N. J.

R. VICTOR

Eastern

POOLE, HORACE I.
Eisele & King, Libaire, Stout & Co.

Thomson & McKinnon

Anthony & Co.

MURPHY,

REILLY, THOMAS J.

Inc.

POLLACK. HAROLD J.
Leone

Hardy

ROOS, J. WILLIAM

Kuhn,

THEODORE E.

Securities,

ROOME, KENNETH A.

Inc.

REILLY, JOHN F.
Gearhart & Otis, Inc.

PLUNKETT, ALTON B.

Company

O'HARA, WALTER T.

MULLIN, DANIEL G.

Tucker,

EDWARD

& Co..

REILLY, JOHN A.
Equitable Securities Corporation

WINTHROP

Corporation

(Associate)

Lynch, Pierce, Fenner & Beane

Eisele &

Pizzini & Co., Inc.

Eastern

McLaughlin, Reuss & Co.
MULLIGAN, FRANK

Frederick S. Robinson

Stern, Lauer & Co.

Ogden. Wechsler & Co.

Kidder & Co.

MULHOLLAND, WILLIAM R.

PLUMRIDGE,

OGDEN, CHARLES D.

Jr., WILLIAM C.

MUELLER,
A.

McGinnis

ItEID,

PLOTKIN.

OETJEN, HENRY

Upham & Co.

Harris,

Co., Inc.

McGinnis & Company

JOHN

White, Weld & Co.

Hanseatic

York

New

REGAN, DONALD C.

O'DONNELL, JAMES

(Honorary)

HERCULES

RONAN, FRANK J.

REDMOND, HERBERT T.

PIZZINI, B.

Shelby Cullom Davis & Co.

ROALD A.
The Blue List Publishing Company

MORTON,

MOTTINO,

O'CONNOR, WILLIAM D.

Peter

O'Connell

Homer

PAUL S.

MORTON,

Roggenburg & Co.

Goldman, Sachs & Co.
REARDON, WARREN V.

Troster, Singer & Co.

Inc.

Co.,

O'CONNELL, HOMER J.

Co.

ROGGENBURG, STANLEY L.

KASCIIKIND, SOLOMON

PINKUS, MILTON

Whitehead

EDWARD

White

& King Securities Corp.

King

ROGGENBURG, HARRY F.
Roggenburg & Co.

RAPPA, SALVATORE J.
F. S. Moseley 8s Co.

Merrill

CASPAR A.

ROGERS,

WILLIAM

PIKE, BERTRAND F.
Troster, Singer & Co.

& Co.

Ashplant & Co.

Eastman, Dillon & Co.

Schoellkopf, Hutton & Pomeroy, Inc.

MURREY

(Associate)

ROBSON, HENRY E.

PHELPS, ROGER S.
Byrne and Phelps, Inc.

Miller

O'CONNELL,

Co.

JOSEPH

Cosgrove,

MELVILLE L.

MOORE,

G. HAROLD

(Associate)

PYLE, RAYMOND

S. K. Cahen & Co.

Clark,

ROBSON. FREMONT W.

EARL

Hardy & Co.

PFLUGFELDER, WILLIAM II.

Inc.

Francis I. riu Pont

JOSEPH F.
Dodge & Co.

PURDY,

Inc.

Pflugfelder & Rust

Marks & Co.

NOKE,

EDWARD
& Co.

MONTE,

Corp.

(Associate)

Co.

CHARLES
Incorporated

ROBINSON, S.
Blair & Co.,

Pulis, Dowling & Co.

(Associate)

Denton,

Garvin, Bantel & Co.

Hanseatic

Carl

MOORE,

Co.

PETKE, RUDOLPH J.

NIEMAN, BARNEY

Co.

Haupt & Co.

PERLMAN,

Corporation

NIELSEN, SOREN D.
New

Bros.

Heller

PULIS, CHARLES D.

HOWARD

PEISER, HARRY J.

(Associate)

MONTANYE, GILES
Boyce & Co.

Witter

MILTON

Stanley

Company

EDWIN F.

Burns

NETBURN, AARON
New York Hanseatic

GERALD F.

A. PURCELL

EDWARD

PEET,

The First Boston Corp.

Lynch, Pierce, Fenner & Beane

MONAHAN,

and

EDWARD

Dean

NELSON, GEORGE E.

PRINCE,

ROBERT W.

Burnham

Wallace & Co.

GEORGE

Hanson

Corporation

Hanseatic

York

New

MYERS, ELMER E.

RICHARD

MILLER,

Strader, Strader, Taylor & Co., Lynchburg, Va.; Paul L. Troast, New Jersey Turnpike; Phil
Amos C. Sudler & Co., Denver, Colo., President of N. S. T. A.;
Russell Ergood,
Stroud & Company, Incorporated, Philadelphia

Philadelphia

Krensky & Co., Inc., Chicago

Bowman Company,

Salt Lake City

26)

Mr.

Mrs.

Victor

Stroud

Mosley,

Company,

Incorporated,

Mr.

Philadelphia

(Continued from page 25)

K. Rice, Jr.

Seaver

& Saxe

Russell

SALISBURY,

SAXE,

WILLIAM H.
Corporation

Carl

Troster,

William

Burton

JAMES

Corporation

SCHWADRON, J. JAY
Burke <fc Company

SCHWARTZ. ARTHUR E.

FRANK H.

Laurence

GUSTAVE J.

Laird, Bissell & Meeds

FRANK

Bache &

Frazier & Co.

BERTRAM

Co.

Jackson

Curtis

Digest"

STANLEY R.

TITUS, Jr., WILLIAM A.
Wertheim

Inc.

Co.,

Co.

TOMPKINS, BERNARD

Jersey City,

(Honorary)

Hamlin

SHEPPARD, EDGAR

TF.TMEYER.

Robinson

Co.,

Inc.

ROBERT

TOPOL,

TENENBAUM, L. JAY
Goldman, Sachs & Co.

Greene

Company

JAMES

Torpie & Saltzmann

Lunt

WILLIAM

Dominick &

TORPIE.

TERRY, FREDERICK A.

Josephthal & Co.

Fitzgerald & Company, Inc.

TITOLO, JOAQUIN
Harris, Upham <fc Co.

Company

(Associate)
Dealers'

Investment

Frederick

Tellier &

Company

TISCH, ALFRED F.

Tatro

and

Greene

Taylor, Deale & Company,

(Honorary)
SHAW,

(Associate)

THOMPSON, WILLIAM F.

TELLIER, WALTER F.

SHARP, ELIOT H.
"The

EDWIN

TINI, HENRY R.
R. L. Day <fe Co.

Co.

WILLIAM

JOHN

Newburger, Loeb & Co.

THOMPSON, EDWARD 1.
Smith, Barney & Co.

TAYLOR. J. BLYTH

Co.

Webber,

<fe

Philadelphia

Co.,

THISTLETON,

Va.

Zuckerman, Smith & Co.
Edwin

SHANLEY, RICHARD T.
Paine,

Richmond,

Inc.,

Singer & Co.

Walker

TATRO,

SERLEN, LEWIS H.
Co.

SCHMIDT, WILLIAM T.

Gersten & Frenkel

SASSA.

SWORDS.

Lynch, Pierce, Fenner & Beane

SELIGMAN.

Josephthal <fe

Rhodes

Union Securities

Co.

Corporation

Union Securities
SAN FILIPPO,

HERBERT

SEIJAS,

ALOYSIUS

Necher

Schaffer,

SWENSON, CARL
G.

Straus, Blosser & McDowell

IRWIN
Loeb.

SCHLOSSER,

SAMMON, JOHN F.
SANDBACH,

SCHLOSS,

DAVID I.

& Saltzman

Torpie

EDWARD W.
Knox & Co., Inc.

SCHAEFER,

BERNARD
Singer, Bean & Mackie, Inc.

SALMAN,

SALTZMAN.

(Associate)

& Saxe

Schaufler,

SUMMERS, WILLIS M.

(Honorary)
Merrill

SIGMUND

Russell

Union Securities

Hayden, Stone & Co.

II.

Company

"The Commercial & Financial Chronicle"

SAFFERSON, RBSSELL

Charles

SULLIVAN, WALTER E.

SEIBERT, HERBERT D.

SAUNDERS, WALTER F.
The Dominion Securities Corporation

Mrs.

Mason-Hagan,

& Co.

SEARIGHT, GEORGE A.
SEAVER, CHARLES

ROSTER OF MEMBERS

SULLIVAN.

JOHN

SCRIMGEOUR,

Security Traders Association of New York

Thursday, October 14, 1954

FINANCIAL CHRONICLE

THE COMMERCIAL and

TORPIE.

Dominick

ROBERT

Bradford

Co.

SHERGER, JOHN W.
Francis I.

Co.

Pont

SHERIDAN, CORNELIUS B.
Mitchell

Company

SHERMAN, LEE D.
L. D. Sherman

& Co.

Adams

SHIELDS, GARVIN K.

INDUSTRIAL, PUBLIC UTILITY, RAILROAD

(Associate)

Co.

Shields &

SHIPMAN, C. E.
Halsey, Stuart & Co. Inc.

and MUNICIPAL

SECURITIES

SHIPMAN, RICHARD
L.

Sherman

SIEGEL, SIDNEY
Siegel & Co,

and American Stock

Co.

UNLISTED TRADING DEPARTMENT

Exchange

DEALERS IN

SIEPSER, JAMES
Shaskan

Peck

Members New York Stock

Co.

SILLS, LOUIS
Gartman, Rose & Co.

IRVING

SILVERHERZ,

RAILROAD SECURITIES
J.

Guaranteed

Hay, Fales & Co.

Line

Leased

Bonds

Preferred

Common

SINGER, HERBERT

Singer, Bean & Mackie, Inc.
Francis I.

Laurence M. Marks & Co.
Members New
American Stock

York

Stock

Exchange

Exchange (Associate)

and

CLIFTON B.

SMITH.

& Co.

Pont

SMITH, EDWARD E.
E.

Smith

Unlisted Investment Stocks

(Associate)

Co.

SMITH, ELBRIDGE H.

Stryker &

Brown

120 Broadway

Pershing & Co.

49 Wall

Street, New York 5, New York

SMITH,

Telephone HAnover 2-9500

Teletype N.Y. 1-344

Co.

(Associate)

SMITH, WILLIAM HART

Private wires

Hart Smith & Co.

SORENSON,
Merrill

5, N. Y.

Telephone REctor 2-4949
Teletype NY 1-724

II.

SIDNEY

Birnbaum

New York

SMITH, HAROLD

Hartford and Philadelphia

WILLIAM

Lynch, Pierce, Fenner & Beane

STANFORD,

KENNETH

F. S. Smithers &

Co.

STARK,EUGENE

Bruns, Nordeman & Co.

UNDERWRITERS AND DISTRIBUTORS

STATTER, EUGENE G.
Hoit, Rose & Company

DISTRIBUTORS

UNDERWRITERS

STEIN, IRVING

DEALERS

Greene and Company

MUNICIPAL AND CORPORATE

STEIN, JOHN R.
Wm.

Frankel

Co.,

Incorporated

STERN, FREDERICK M.

SECURITIES

Gruntal

Co.

Corporate and Municipal

STEVEN, Jr., ANDREW R.
A. C. Allyn & Co., Inc.

•

STEVENSON, JOHN

PRIVATE PLACEMENTS

Singer, Bean & Mackie,

Inc.

Securities

(Associate

STILLMAN, HARRY A.
Greene

and Company

STILLMAN, MURRY W.
Abraham

CORPORATE FINANCING

Co.

(Associate)

STOLLE, CARL
G.

Established 1919

A. Saxton &

Co., Inc.

STOLTZ, CHARLES E.
C.

Van Alstyne, Noee & Go.
Members:

Stoltz Co.

STONEBRIDGE. CHARLES L.
Merrill Lynch,

STRATTON,
Cowen

New York Stock

Exchange

52 WALL

American Stock Exchange

STREET, NEW YORK 5

STRAUS,

INCORPORATED

Co.

CURTIS

Members

STRAUSS, ABRAHAM
Strauss, Ginberg &

Co.,

Inc.

Room 8.31, Western

Saving Fund Building, Broad & Chestnut Sts.

Kidder

Greenville
Direct

Moore, Leonard & Lynch

Cowen

MARK
& Co.

NEW

Stock

Exchange

YORK

Raleigh

CHICAGO

Richmond

Co.

STRYKER, EDWARD V.

STUART,

Midwest

CHARLOTTE
Atlanta

STROTHMANN, NELSON A.

Philadelphia Office

R. S. Dickson & Company

Pierce, Fenner & Beane

GEORGE

Wire

Between

Atlanta

New

and

York,

Raleigh

Charlotte,
Offices

Chicago,

Convention Number

TOWBIN, BELMONT
C.

WALTERS, JR., FRANK J.
Cosgrove, Miller & Whitehead

Unterberg, Towbin Co.

TBAGEB, THOMAS J.
Merrill Lynch,

WARNER, FRANK

Pierce, Fenner & Beane

TRAPANI,

RALPH T.
Barrett Herrick & Co.,

Cutter

(Associate)

Dixon

WEBSTER,

Co.,

111.

Chicago,

Corporation

Co.

ROSWELL

Kidder

New

York

Co.

Stanley

Co.

DAVID

Heller

Peeler

Lee

PRATT,
R.

Marks & Co.

& Company,

LOGAN

& Co., Inc.

Dickson

Inc.

Charlotte,

ZINNA, EDWARD

Co.

Smith. Barney

ERNEST

PRINGLE,

Co.

READ,

Charleston, S. C.

& Co.,

Pringle
I.

Frost,

Securities Dealers of the Carolinas

Co.

(Associate)

Read

Simons,

Incorporated

SIMONS, KEATING L.
Huger, Barnwell & Company
Charleston, S. C.

Brothers

WILLIAM

ANTHONY

Wainwright & Co.

SMITH,

(Associate)

SMITH.
Frank

VARE, ARTHUR

MORTON

WEISSMAN,

VERIAN, FRANK R.

FRANK

Smith

GRADY

THOMAS,

Singer, Bean & Mackie, Inc.

Hourwich & Co.

Smith, Gastonia,

Company,

Inc.

Columbia, S. C.

Herzog & Co., Inc.

WEISS,

ALLEN

Jackson

WEINGARTEN, LOUIS

TUYL, E. EVERETT

Southern

BERNARD

Investment

Charlotte,

Co.,

Inc.

Siegel & Co.

Merrill Lynch, Pierce. Fenner & Beane

TOWNSEND, JOHN C.

WELCH, FRANK H.
R.

LATHROP

Vermilye Brothers

Townsend.

Dickson & Co., Inc.

John

VOCCOLI, Jr.. MICHAEL A.
& Hart

Legg & Company

VANCE,

WELSH, JOHN JOSEPH
Bonner &

Gregory

(Associate!

Corp.

Benjamin, Hill & Co.

Edgar M. Norris

Marshall H. Johnson

Roy F. Hunt, Jr.

WESEMAN, RALPH H.
Frank

Webster Securities Corporation

(Associate)

Carl

SCHAUMBERG, GERALD
Merrill Lynch, Pierce, Fenner & Beane

Loeb,

DeHaven & Townsend,

Corporation,

Vance

Rhoades

Securities

WARD,

Corporation

CHARLES

JR.,

Securities

Corporation

CHESTER D.

Co.

Spartanburg,

Covington,

WARMATH, JOHN T.

boro, N. C.

Equitable Securities Corporation

Treasurer: Roy F. Hunt, Jr., Alester G. Furman Co., Inc.,

Green¬

Greensboro,

ville, S. C.
WIELAR,

WALDRON, STANLEY M.

JACK

Starkweather

Fenner fc Beane

WILLIS.
Co.

WALKER, GRAHAM
Joseph McManus & Co.
WALKER, LOUIS

WIEN,

Alex.

ROSTER OF MEMBERS

Bureau

(Honorary)

Wien & Co.,

PERCY

Jersey City, N. J.

Wien &

Brown

Sons

Jersey

City, N. J.

(Associate)

abernethy, jr., r. S.
Interstate Securities Corporation

Charlotte,
Co.,

BEN

Winston-Salem, N.

WIEN, MELVILLE S.

Quotation

CHARLES R.

Greensboro,

Ward

Halsey, Stuart & Co. In

Crouter & Bodine

Securities

Co.

Secretary: Marshall H. Johnson, McDaniel Lewis & Co., Greens¬

WHITLEY, J. B.

WALDRON, D. KINGSLEY

Vance

Vice-President: Edgar M. Norris, Greenville, S. C.

Company

WHITING, EDMUND

VON

Vance,

Greensboro, N. C.

Vilas & Hickey

Hemphill, Noyes & Co.
VOLKOMER. LOUIS

Greensboro,
VANCE,

Charles

President:
WERKMEISTER. JR., JOHN

VOLK, WILLIAM

MTerrill Lynch, Pierce,

Vance

Charles R. Vance

WENDLER, EVERETT F.
Mitchell & Company

VOGRIN, JOHN J.

Weston

Charleston,

WELLS, HORACE W.

VOGELL. FREDERICK W.
Investors

MAYO

Charleston,

WEINBERG, SAMUEL
S. Weinberg & Co.

Van Tuyl & George

National

< ■

LEE

Durham,

Corporation

Hanseatic

ZINGRAF, CHARLES M.

Co.

Laurence

WITTMAN.

PEELER,

ALEXANDER C.

ZEBERTOVICH,

WITTICH, WILBUR R.

Hutton

WEILAND,

NOOT, HARRY

Lehman

RIPER, MILTON

Stone

JOHN

Witkowski

Grimm

NORRIS, EDGAR M.
Greenville. S. C.

Corporation

Hanseatic

WEIGNER, ARTHUR

Pen & Co.

Frank

John

WEHMANN, GILBERT II.
White. Weld & Co.

Unterberg, Towbin Co.

Savard

Co.

WITKOWSKI.

FOSTER

THEODORE

Haas

Company

Corporation

WEIGEL, CHARLES A.

UNTERBERG. CLARENCE F.

York

OLIN

Securities

Charlotte,

YOUNG, THEODORE R
New

JR.,

Interstate

Albert H. Week Co.

VALENTINE, JOHN H.
Shearson, Hammill &

NISBET,

Co.

WECK, ALBERT H.

Spencer Trask & Co.

VERMILYE,

WECHSLER,

TYSON, Jr., ALBERT

Cruttenden

Allen

Company

Ogden, Wechsler & Co.
G.

Investment

YUNKER.

WECHSLER. ARNOLD J.

Union Securities

VAN

Frank

THOMAS

Onderdonk

Herbert

WREN, LAWRENCE

WIRTH, HOMER

Hardy & Co.

TUZO, LAMAR K.

VAN

Inc.

Bond, Richman & Co.

RAYMOND

CHARLES

VANDER

Co..

WASSERMAN. IRVING

(Honorary)

C. E.

WORTHINGTON,

Laird, Bissell & Meeds

Mabon

TROSTER, OLIVER J.
Troster, Singer & Co.
Barclay

Saxton

WILLIAMS, CARROLL W.

WINSTON, LOUIS

Dean Witter & Co.

"The Investment Dealers' Digest"

TRUE,

WASHER. HERBERT R.

Inc.

TREFCER, GEORGE D.
TRIGGER.

THE COMMERCIAL and FINANCIAL CHRONICLE

babcock, charles h.
Reynolds & Co., Winston-Salem,

n. C.

barnes, james g.
Carolina Securities Corporation

Raleigh,

barnwell, jr., william h.
Huger, Barnwell & Company

Charleston,
batts,

F. S. M05ELEY & CO.

Exchange

American Stock Exchange

Co.

INVESTMENT

henry

Law

Spartanburg,
blackford,

Exchange

Trust

blackford,

MEMBERS

Boston Stock

Banking

Wilson,

bf.man, C. E.
Laurinburg, N. C.

ESTABLISHED 1879

New York Stock

walter

Branch

Midwest Slock Exchange

henry j.

jr..
&

Law

SECURITIES

Company
S. C.

Company
C.

Spartanburg,

canady, lloyd

Lloyd E. Canady & Company
Raleigh,

Underwriters and Distributors

conner,

james

Charleston,

CORPORATE

MUNICIPAL

AND

and

Conner

James

Company,

Inc.

Glore, Forgan & Co.

Securities

First,

CURRY.

Trust

COMMERCIAL

PAPER

dargan,

robert

Dargan
dickson.

NEW YORK

BOSTON

•

CHICAGO

R.
.

INDIANAPOLIS

•

WORCESTER

Inc.

Co.,

Lewis & Co.,

robert

Greensboro, n. C.

jr..

Alester

•

What is your

roy F.
Furman

Co., Inc.

johnson, marshall h.
McDaniel Lewis & Co., Greensboro. n. C.
jones,

charles F.
Corporation
N. C.

JENNINGS
G. H. Crawford Co., Inc., Columbia, S. C.

helpful

not

let

manning, malcolm m.

Manning,

Greenville,

matthews. david a.
Southern Investment Co.,

Charlotte.
McALISTER.

1880

Joe

american stock exchange

and other leading

exchanges

Telephone:

BROADWAY,

REctor

2-4600

NEW YORK 5. N. Y.
Bell Teletype NY 1-471

Co.,

Inc.

Furman

Greenville, S.
BOSTON

CHICAGO

ROCHESTER

MONTREAL

Why

Takes

positions in special
interesting to in¬
dealers.

Provides

fast service

quotations and ready mar¬
kets for buying or selling.

know your

Mr. Alfred

J. Stalker,

Mgr., Dealer Relations

•

Places

out

large blocks with¬
disturbing existing street

markets.

Co.,

Inc.

Kidder, Peabody & Co.
FOUNDED

17 Wall

JR.,

NATHAN

McCarley & Company,
Asheville, N. C.

Inc.

1865

Members New York and American Stock

Boston
McCARLEY,

•

trading requirements?

Department.

McCALL, arthur C.
G.

preferreds,

Address

Greenville,

harry

Dickson

Alester

to you.

Inc.

Charlotte, N. C.
120

JOSEPH F.

McAlister

McAllister,

active

members

new york stock exchange

may

situations

large and experienced

Trading Departments

transmis¬

gas

bank and insurance issues.
•

Banking & Trust Co.

Vivian

natural

vestment

Branch

Wilson,

LUCAS,

kstablished

•

trading problem?
Our

lawrence, simon s.

L. F. rothschild & Co.

and

sion stocks.

Securities

Durham,

Investment Securities

Deals in a long list of
industrial, utility, railroad

Greenville, S. C.

First

KIDDER, PEABODY & CO....

Hays & Company, Inc.

Durham,
hunt.

Exchanges

Hardin & Co., Inc., Salisbury, N. C.

Stock

Exchange

ernest l.

hardin.

hays.

Midwest
Stock

robert

McDaniel

and

stuart

Charlotte,

York

American

S. C.

Spartanburg,

Dickson

dixon,

[flcS/co]

Co.,

New
and

Members

RAVENAL b.
Co., Greenwood,

JR.,

Citizens

CHICAGO

Corporation

Durham, N. C.

SECURITIES

YORK

NEW

CROOM. WILLIAM d.

Exchanges

Street, New York 5, N. Y.

Chicago

Philadelphia

San Francisco

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Bond Traders Club of

BURCH,

Chicago

FRANK

Kneeland

BURKE,
Blunt

St Co.

DAYID
Ellis

J.
Simmons

BURKE, HERBERT J.
Rogers &

Bacon, Stevenson & Co.

BUSBEY.

Members New York Stock
Members

Exchange
American Stock Exchange

Tracy.

Inc.

HON. FRED

Member

Washington,

Congress,

CAMPBELL,

EDWARD

Trust

Illinois

Continental

National

Bank

Lehman

BONDS

CANN.
A.

Brothers

Becker

CARLTON.
F.

MAURICE

Co.

CANN, JULES F.

MUNICIPAL

(Associate)

<fc

Co.

FRANK
&

Carlton

Incorporated

A.
Co.

CASEY, FRED J.
Doyle, O'Connor <fc Co.

Broadway, New York 6, N. Y.

CASSERLY. Jr., THOMAS D.
Doyle, O'Connor & Co.

Telephone DIgby 4*4100

F. Girard Schoettler

President: F. Girard Schoettler, Wayne Hummer

Vice-President: George R. Torrey,

CAVANAUGH.

Raymond Hofer

Henry A. Gorder

R. Torrey

George

& Co.

William

McCormick & Co.

Securities Corpo-

Secretary: Henry A. Gorder, Stone & Webster

DEALERS

SECURITY

John

SPECIALIZED

—

PROMPT

We
-

clear for

Pittsburgh

Chicago

Cleveland.

Address

Loans

and

Securities

U 5. FAT Off,

partment. Teletype:

CV 240.

William

1953;

Took

Office: March

CONDIT.

Link,

Welch,

1, 1954;

Largest

unless

indicated)

ALLYN,

Inc.

Weeks

<fc

M. Byllesby and Company

Incorporated

BUHLE, Jr., PHILIP C.
Goldman, Sachs & Co.

COOLEY,

RICHARD

Thomson

McKinnon

WM.

Television Shares Management Co.

WALTER C.

►Shearson, Hammill

David A. Noyes & Co.

ANDERSON, ALFRED E.
Francis

Pont

Lve

Founded in 1902

Inc.

Members New York Stock

WILLIAM

and other Principal

Corporation

Higginson

Co.

ANDERSON, JOHN A.
Anderaon, Plotz & Company,
ANDERSON,

and other

Co.

JOHN W.
Allyn & Co.

ALM,

Exchange

Co.,

Jr.,

Swift,

SUTRO BROS. & CO.

&
V.

FRED E.
Henke & Co.

ADAMS,

Ingen

FREDERICK

BULLER, FRANK H.
Hickey & Co., Inc.

Chicago

located In

otherwise

RAYMOND

Van

Hornblower

ROSTER OF MEMBERS

Members New York Stock

Co.

Peck

Gorman,

COOK.

(Members

CECIL

CONLAN, PETER J.

Bank

ABE, WILLIAM J.
Hallgarten & Co.

Fuller

Term

Expires: February 28, 1955.
Ohio's

Corporation

WALLACE

CONDON,

December

Elected:

A. A. Harmet & Co.

B.
MO

Securities

JOHN

COMBITHS.

Sincere & Co.

De¬

PHILIP

American

COLNITIS,

Incorporated; Arthur C. Sacco, Cruttenden

Co.; George R. Torrey, McCormick & Co.; Edward H.

GEORGE
Brothers

COLLINS.

R. Wahlquist, Weeden & Co.; John D. Kipp,

A. G. Becker & Co.,

Clarke, Incorporated

COCHRAN, LOREN A.
William Blair & Company

National Committeemen: F, Girard Schoettler, Wayne Hummer

Alternates: George

CLINE. THOMAS J.
Kneeland & Co.

Fuller, William A. Fuller &

Co.; Thompson M. Wakely, A. C. Allyn and Company, Incor¬
porated; Elmer W. Hammell, Taylor & Co.; Lester J. Thorsen,
Glore, Forgan & Co.; Fred T. Rahn, The Illinois Company.

in New York

dealers

Lehman

Co.; Christian J. Newpart, Merrill Lynch, Pierce, Fenner &
Beane; Merton A. Russell, Halsey, Stuart & Co. Inc.

CLEARINGS

Company,

Co.

CLEAVER,

Hofer, Ernst & Co.

Directors: The officers and Joseph T.

CLARKE. JOHN W.

ration.

Treasurer: Raymond

CHAPIN, RALPH
Reynolds

AUDRAN

Fuller

CERF, Jr.. FLOYD D
Floyd D. Cerf, Jr.
Incorporated

Exchange

Stock and Commodity Exchanges

ARNOLD, Jr., HAZEN S.
The First Boston Corporation

principal exchanges

ARTHUR, JOHN
David A.

BACHAR,

Investment Securities

Noyes & Co.

STEPHAN

Borland

Betts,

A.
Co.

BALLISCH, JOSEPH G.
A. C. Allyn and Company, Inc.

Research

and

Advisory Service

BARCLAY, HAROLD
Barclay Investment Co.
HORACE

BARNHART,
First

120

BROADWAY

Salle

YORK

Salle

Co.

GEORGE

BARROWCLOUGH,

First

I..

RECTOR

2-7340

TELETYPE-N.Y.

1-67

14 Wall Street

NEW YORK

522 Fifth Avenue

Michigan Corporation

BARTH, EDWARD N.
Dempsey-Tegeler & Co.

TELEPHONE

correspondents

BARNHART. WILLIAM S.
First La

NEW

Direct wirei to all offices and

Co.

BARTHELL,

CHICAGO

GARY

Harris, Upham & Co.
BAUM, NORMAN
Cruttenden

MONTREAL

SANTA BARBARA
HOUSTON

ANGELES

LOS

BEVERLY

HILLS

PASADENA

NEWPORT DEACH

LA JOLLA

DALLAS

BUFFALO

SAN ANTONIO

HARTFOilD

Co.

NEW

BRITAIN

LA CROSSE

MEMPHIS

BASLE

BAX, PAUL J.
Boston

First

MIDDLETOWN

(Switzerland)

Corporation

BECKER, WILLIAM J.
Fahnestock

Co.

GEORGE B.*

BENSON,

Swift, Henke & Co.
BERG,

RODNEY M.
Borland & Co.

Betts,

I
f*c°

equipment

BLANEY,

trusts

JAMES

EDWARD

STRUTHERS WELLS

BLOHM, MILTON R.
Glore, Forgan & Co.

mortgages

BLOMBERG, CARL X.
Thomson

COMMON

McKinnon

PREFERRED

STOCK

BLUMENTHAL. HAROLD

Swift,

Henke

BOBLETER,
Salomon

utility
ESTABLISHED 1905

continuing interest in

Stein, Roe & Farnham

public
.

Blaney & Co.

BLECHSCHMIDT.

railroad

TDrrMAkII PniADAAIV

We have

BINZ, A. A.
Shearson, Hammill & Co.

Co.

HENRY T.

Bros.

Hutzler

BODEN. JOHN L.

Shearson, Hammill & Co.

bonds

BOEDEKER.

Central

ROBERT

Republic Company

T. L. WATSON & CO-

BOWKER. HERBERT H.

municipals

61 Broadway

BOYLE,

BRADY,
First

Sr.

MEMBERS

Co.

WALLACE

Cruttenden

revenue

New York

Witter

Dean

New York Stock

EDMUND CI J

Securities

BREWER, G. FABIAN
William

Blair

Company

Broadway, New York 4, N. Y.

•

BROWN, CARMAN
C.

Brown

Exchange

Company of Chicago

bonds

Exchange

American Stock

Co.

BROWN, HARRY M.
Salomon Bros. & Hutzler

Telephone WHitehall 4-6500
Teletype NY 1-1843

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

K% *i«»i
K

mm'

m wm

*:SL<

....

•#**

s$,

-Jf§

BSffi

jfp «i is

«S «

Pf1

England,'

Atlantic

City

Electric

Newburger

Loewi

DURKES,

PETER

Wis.

Brown

HARVEY

Devine

RICHARD

Bank

of Chicago

Loewi

John

Nuveen

Cruttenden

Francis L

WALTER

Wis.

Cruttenden

Langill

Thomas

Chicago

JANSHOFF,

Thomson

GOLDEN,
Stein,

Sheerln

Dean

Co.,

Indianapolis

;

CUNNINGHAM. BERNARD

JOHNSON,

JAMES

GORDER,
Stone

Co.

„

JOHN

KEHOE,

Brothers

KEITH. CLYDE

Co.

B.
Co.

KERR. WILLIAM D.
Bacon, Whipple dc Co.

JOHNSON, TOGE V.
The

JOHN

Childs

Securities Corporation

WILLIAM C.
dc Tracy, Inc.

Taylor &

Co.

EDWARD

Sills, Fairman

Incorporated
J.

ROBERT

Witter Sc Co.

JOHNSON, FREDERICK F.
Barcus, Kindred Sc Co.

Farnham

GOODWIN,

ARTHUR E.
Byllesby and Company,

KEGLEY,

Stern

GOODMAN, WILLIAM D.
Freehling, Meyerhoff &

FARRELL,
J.

Roe

Bache

American

Inc.

Rogers

McKlnnon

Investment

Greenebaum

KEARNS, HUGH

GEORGE T.

GOODMAN,

(Associate)

Bear, Stearns Sc Co.
CUMMINGS, PATRICK
Bear, Stearns de Co.

Bank

lac

KANT, HERBERT H.

Bank

GLOSSER, EARL C.

ROY

FALVEY,

Co.

CUMMINGS, FRANK

National

JAMES, WILLIAM E.
Halsey, Sttuart Sc Co.,

du Pont Sc Co.

EUSTICE, JOHN W.
Reynolds & Co.

Co.

CHARLES

Mercantile

Co.,

KANE, VINCENT T.
Smith, Burrls Sc Co.

JACOBSON, R. DONALD
Smith, Burris Sc Co.

GIESEN, ELMER J.
David A. Noyes & Co.

ERZBERGER, ELMER W.
Smith, Burrls Sc Co.

Sc Co.

Co.

JACOBSON, FRANK E.

Inc.

McDougal & Condon,

First

Blosser & McDowell

Straus,

GAMON, JOHN T.
The

Nuveen

ISAACS, MILTON J.

CRUTTENDEN, Jr., WALTER WCULLEN.

CHARLES

ENYART,

Co.

CRUTTENDEN.

John

Co.

Fuller Sc

GALLAGHER, JAMES P.

WILLIAM C.
Sc Co., Milwaukee,

JONES, WILLARP C.
Aubrey G. Lanston dc

IMPEY, ROBERT W.

WILLIAM A.

Halsey, Stuart dc Co. Inc.

Trust

ELWELL,

Co.

RONALD

Moss, National Quotation Bureau, New York; Bill Roos, MacBride, Miller & Co., Newark, N. J.;
Harold B. Smith, Pershing & Co., New York

GALE, FRED O.

National

(Associate)
COUTTS.

William

A. Marks,

William A.

EGNER, ADOLPH C.
Shearson, Hammill Sc Co.

Brothers, Harriinan & Co.

CORNELIUS,

Albert

FULLER,

Company

Milwaukee,

Co.,

JOSEPH

J.;

Co.

American

(Associate)
CORBUS,

City,

City, N. J.

DUNNE, FINLEY P.
ShUUnglaw. Bolger

COONEY, WALTER E.
Kidder, Peabody & Co.
COOPER,

Atlantic

Co.,

Co., Atlantic

First

Boston

Corp.

(Continued

on page

30)

Harris, Incorporated

HENRY A.
Securities

Webster

FAUST, JOHN N.
Kidder, Peabody Sc Co.

GOTT,

CUNNINGHAM, JAMES W.
Reynolds Sc Co.

FELL, PETER V.
Langill Sc Co.

GRAHAM,

DAHLIN,

FELLEGI, JULES
Farwell, Chapman Sc Co.

GRATZA,

FENTON, ARTHUR W.
Rodman Sc Renshaw

Corporation

GREEN, ARTHUR A.
Shearson, Hammill Sc Co.

Blunt

Ellis

Simmons

GEORGE

Goodbody

DARFLER.

Co.

GLEN A.

Kneeland

DAVIDSON.

Co.
L.

HOWARD

McDougal Sc Condon,
dePERSIO,

ANTHONY

Blyth

Inc.

Co.,

Hentz

Arthur
De

DOYLE,

The

O'Connor

DOYLE,
Doyle,

LEO J.
O'Connor

Irving

Weis

FRIEDMAN,
Boettcher

Co.

FULLER,
Sc

Company

WILLIAM

Ky.

JOSEPH McMANUSA CO.
Incorporated

39 BROADWAY

NEW YORK

N. Y.

D.'
A.

MEMBERS

Sc Co.

John Nuveen

William

Co.

NEW YORK STOCK EXCHANGE

GUILD.

Incorporated

and Company,

Allyn

AMERICAN STOCK EXCHANGE

Inc.

HAACK, ROBERT W.

Co.

Robert

Baird

Wisconsin

LEONARD
and Company

Co.,

Milwaukee,

(Associate)

HACK, Jr., JOHN J.
F. S. Moseley Sc Co.

JOSEPH T.
A.

DONALD

MIDWEST STOCK EXCHANGE

SIDNEY

FREEMAN,

(Associate)

JOHN ROBERT

Doyle,

Louisville,

GREEN, LEONARD
Sills, Fairman & Harris,

GRIGSBY,

FOLLMER, FRED J.
Harriman Ripley & Co.,

Co.

Mich

Rapids,

Co.,

Weeks

GREGORY, GORDON
Swift, Henke Sc Co.

CORNELIUS E.
Trust

Bond

WILLIAM

GREENBERG, MORRIS
Hallgarten Sc Co.

Co.

Northern

Co.

THOMAS

•

Inc.

NEIL

Young-Tornga

Grand

Chicago

Inc.

Jr., FREDERICK V.
M. Krensky & Co.,

YOUNG,

Bankers

Hornblower

FLETCHER. DONALD T.
William Blair Sc Company

FLYNN,
DEVOLL,

GEORGE

FITZSIMONS,

JOHN F.

The

GERALD E.
The First National Bank

Stein, Roe & Farnham
DETMER.

Goodbody

FITZGERALD,

EARLE

HALLFORD,

Fuller Sc Co.

Farwell,

Chapman

HAMMELL,

Co.

ELMER W.

Taylor 8c Co.
ALFRED

HARMET.
A.

City of Los Angeles, Calif.

Harmet

dc Co.

rK)ITl*N»

HART, JOSEPH E.
Wm. H. Tegtmeyer & Co.
CARL

HARTWIG.

2Vi% and 23/4%
General

HARRELL, WILLIAM R.
Reynolds & Co.

Link,

MUOINI

Peck Sc Co.

Gorman.

HAWXHURST, JR., RALPH R.
Bacon, Whipple & Co.

Obligation Bonds

HAYS, EDDE K.
Central

Due 1986-1988

Republic Co.

HEALY, WILLIAM B.
David A. Noyes Sc Co.
FRANK

HERMAN,
The

First National Bank

Chicago

HICKEY, Jr., MATTHEW J.
Hickey dc Co., Inc.

New

Jersey Highway Authority

fHOINIX

t'UiHW

lUCtOM

HICKEY,

RICHARD

Kneeland

Co.

00111*1

HIRSCHBERG, EDWARD A.
•

Guaranteed 2%% Bonds

Investment Co.

Greenebaum

HITCHCOCK, JAMES E.
Cruttenden

Russ

Co.

WILLIAM

HOBBS,

Due 1978-1983

Co.,

San

Antonio,

Tex.

(Associate)

Bought

—

Sold

—

HOELCK,

Quoted

THEODORE

McCormlck

Co.

HOFER, CHARLES
Ernst

Co.

HOFER, RAYMOND

Members
and

New

York

Stock Exchange

American

other leading Security and Commodity

IIOLT.

Stock Exchange

Exchanges ^
V

Co.

Ernst dc

ERNST & CO.
*

LESTER

Eastman, Dillon Sc Co.
IIORACEK,
First

JEAN

Securities

A.
Company

Chicago

THE
FOR

120

Broadway, New York 5, N. Y.

HORDER, EARL R.

Halsey,

8tuart dc Co.

Inc.

HUMMEL, GEORGE F.
First Securities Company

231

So. LaSalle St., Chicago 4,

Private

Wires to

111.

Los Angeles and Chicago

HUNTER, WILLIAM S.
Straus, Blosser Sc McDowell
HUTCHINSON.
McMaster

HERBERT A.
Sc Co.

Hutchinson

Chicago

PRIVATE

NATIONAL

COVERAGE

WIRE
LISTED

AND

SYSTEM
UNLISTED

MARKETS

LOCKHART,

Bond Traders Club of Chicago

members

ROGERS, JOHN

LORING, FRANK E.
Aubrey G. Lanston & Co.,

KOOB,

Langlll & Co.

KIPP. JOHN D.
A.

Becker

Blunt

Incorporated

Co.,

OTTO

The

J.,

Kneeland

LaPAK,

Jr.

Ellis

Simmons

Milwaukee,

Co.

LAWLOR, Jr., WILLIAM
Hornblower Si Weeks

PHILIP F.
Chllds and Company

KOERNER.
F.

STAR

HARVEY G.
Leason & Co., Inc.

William

LEASON, JR., HARVEY GLEN
Co..

Leason

Inc.

ARTHUR D.

LEE.

Curtis

Webber, Jackson &

KRELL.

Bacon,

ROBERT

Jr..

Arthur M.

LANE,
A.

Daniel

ARTHUR M.

ROBERT W.
Allyn and Company,

and

Company

LIENING. EDWARD

Krensky. Jr. & Co., Inc.

LANE. WILLIAM H.
Harris Trust & Savings

Rice

Miller,
LILLIG,

Incorporated

Carter

LINDER,

Paine,

Bank

Spink

& Co.

EDWARD
H.

Inc.
&

Co.

Webber, Jackson

& Curtis

SCHMITZ.

Daniel

It.

Rice

G1K4KD

A-

Barclay

SCHUERINGS,

Bache

Investment

Quality Stocks and Bonds

Glore,

The

Co.

Schwanz

& Co.

Forgan

First

Bank

INVITED

Blocks of Investment Securities

NEW

•

YORK

38,

Aurora.

Julien

I1L

Rice

and

Company

Collins

Company

Carter H. Harrison

Si Co.

SWIECH, STANLEY
Stanley Swiech and Company

Wyandt, Incorporated

Illinois

TEGTMEYER,

Company

Wm.

TERO,

H. M.

Byllesby and Company,

WILLIAM

H. Tegtmeyer & Co.
ROBERT

Allyn and Company,

Incorporated

Blair

THOMA, GLEN J.
Harris, Upham & Co.

SHALES, GLENN S.

Companv

Carter H. Harrison Sc Co.

THOBSEN,
SHAW,

BRADFORD

Glore,

LESTER

Forgan & Co.

Swift, Henke Si Co.
MILLER,

SAUL R.
Miller, Spink & Co.,

N. Y.

Teletype NY 1-588

Telephone BArclay 7-4880

Inc.,

SENNOTT, WILLIAM J.

MILLER, CHARLES M.
Mullaney, Wells & Company

Incorporated
BROADWAY

The

HENRY P.
Goldman, Sachs Si Co.
William

150

Scott

MEYERS,

MIEHLS, DON

Inc.

L.
Co.

SUNDELL, ROY B.

of Chicago

SELLERS, PAUL A.

Salomon Bros. & Hutzler

Amott,Baker & Co.

Daniel

SCOTT, MORTIMER W.

MEYER, JULIEN L.

Brokers and Dealers

from

WALTER
Henke

(Associate)

McHUGH. JOHN D.
James J. McNulty Si Company

Corporation

SWANSON, KNUTE G.

Company,

MELL, HERMAN G.
Smith, Barney & Co.

OFFERINGS

Boston

The First National Bank of Chicugo

FRANK

National

It.

Co.

STRONG, ORVILLE H.

SCHWANZ, F. DAVID

Jr., WILLIAM J.

McGREGOR,

DONALD

JOHN

STRAUSS, ROBERT

Investment Company

SCHUBERT, DONALD D.
Bacon, Whipple & Co.

McGREEVY, JOHN A.

We Are Retail Distributors of All Types

Co.
u

STRAUS, FREDERICK W.
Straus, Blosser & McDowell

Co.

CLARENCE R.

McGHIE. Jr., GEORGE W.
F. S. Yantis & Co., Incorporated

JA.Vil.h

First

Swift,

Chicago

Cl»..

Inc.

Henke &

STRAIT,
Company

STONER, HAKLEY U.
Ilalsey, tttuuri <v Co.

and

Bank

Co.*"

Co.,

Curhon

STEPHENS.

The

Al.l.LX

STEWART,
G

Bank

UlLciA.u
&

STEFFES.

Co.

Wayne Hummer

Co.

Swift.

Cruttenden

JO'»\

SCIIOETTI.E.It.

Moseley

Dempsey-Tegeler Si Co.

SCHOLZ,

Leason

SPARKS,

ARTHUR

McFARLANE, LAURENCE B.
F.

Chicam-

Kenly

McCOTTER, DONALD C.
Lee Higginson Corporation

SI'ANIEK,
of

OLAF

Fahnestock

LAWRENCE

Nuveen

Joa.

SORENSON.

SAYRE, BYRON J.

Co.

[
I)

Bank

National

The First National

Chesley Si Co.
John

LLOYD

First

SMOLE,

McDowell

SCI1KUER. C" Alt LI

ERNEST A.

Cruttenden

Co.

<St

SAWERS.

Rothschild & Co.

MAYER,

Harrison

EVAR

Nurris

CHARLES

The

SAMUEL

SANOBERG,

MATZ.

SMITH,

Co.

National

First

Sadler

MATHEWS, HENRY T.
Doyle, O'Connor & Co.

JOSEPH M.

LEE.

Whipple Si Co.

KRENSKY.

Blair

Sachs Si Co

Goldman,

Incorporated

F.
Co.

MOREV

SACHNOFF.

Simmons

SKEPNEK, Jr., FALL J.
Rogers Si Tracy, Inc.

Inc.

SADLER, FRED JD.

LAWRENCE N.
Co., Incorporated

MARR.

KOMAR, JR., JOSEPH

Paine,

Company,

JEROME

Fuller

Blosser

Straus,

The

MARQUARDT,

ARTHUR

SACIPOFF.

Incorporated

LEASON,

Moseley & Co.

Byllesby

Fuller

Cruttenden

Incorporated,

Co.,

L.
and

Co.

GERALD

Jr.,

William

SACCO.

MAHER, RAYMOND A.
A. C. Allyn & Company,

KOENIG,
C.

RYAN,

SJOSTROM, ROBERT A.
Kidder, Peabody & Co.

Hutzler

Stuart &

Halsey.

Wis.

MARTIN

MAGEE,

Milwaukee, Wis.

Marshall Company,

I Associate)

Trust Company

MADARY, HARRY
Robert W. Baird &

LAWRENCE

Bros.

Lamson

Co.

JAMES H.

Northern

The

Bros.

Ellis

SINCLAIR, RICHARD
White, Weld & Co.

MELTON

KLaSLLL,

Pont

EDWARD A.

Salomon

Inc.

Co.

RAYMOND

ROCCO.

MacLEAN,

LANNAN. J. PATRICK

KING. THOMAS E.
Dempsey-Tegeler Si Co.

KOCH,

Francis

BANFORD

LANGILL,

Blunt

Hickey & Co., Inc.

LYNCH, PHILIP A.
KING. GEORGE F.
White, Weld & Co.

SIMMONS, RICHARD

Inc.

& Harris,

Fairman

Sills,

Company

LONGSTAFF. RALPH S.
Rogers Si Tracy, Inc.

(Continued from page 29)
roster of

ROBINSON, ELDRIDGE

LEONARD

Illinois

The

Thursday, October 14, 1954

CHRONICLE

THE COMMERCIAL and FINANCIAL

Inc.

MONTGOMERY, THOMAS
Glore, Forgan Si Co.

MOON, RUSSELL F.
Shearson, Hammill

TORGERSON, FRANK g.
Link, Gorman, Peck Si Co.

SHERWOOD, DONALD B.

Reynolds & Co.

MOFFAT, DONALD L.
C. F. Chllds and Company

TORNGA,

HERMAN

DeYoung-Tornga

SILBERMAN, NATHAN M.
Straus, Blosser Si McDowell

Grand

Rapids,

Co.

Mich.

(Associate)

Si Co.

MORRK8, ORION
Continental
Trust

MORTON,

Take

Advantage of
Changing Markets
To take advantage

Co.

National

Illinois

Bank

Chicago

HOWARD

McMaster Hutchinson

Co.

STOCK 6> BOND

MULLER,

DONALD R.
Harris, Upham & Co.

MURPHY, JAMES H.
Dempsey-Tegeler Co.
MURPHY,
Blair

of the opportunities afforded

BROKERAGE SERVICE

ROBERT A.
Incorporated

Co.,

NELSON, HARRY L.
Blyth & Co., Inc.

by changing markets, we supplement our regular
utility reports with short and concise

WILLIAM A.
Bear, Stearns & Co.

NELSON,

NEWELL, EDWARD
Langlll Si Co.

"CURRENT RECOMMENDATIONS"

CHRISTIAN J.

NEWPART,

Merrill Lynch,

Provide your customers with this up-to-the-minute

NIEBUHR,

guide and stimulate your own business
through its timely switch recommendations.

Leason

for Banks, Brokers and Dealers

Pierce, Fenner Si Beane

LOWELL
Co., Inc.

Hardy & Co.

NORTON. LAWRENCE H.
La

Securities

Salle

Co.

O'BRIEN, EDWIN P.
Sincere and Company

Josephthal&Co.
Phone:

WOrth 4*5000
19

120

Broadway, New York 5

JOHN

O'ROURKE,

Exchange and Other Exchanges

Teletype NY 1-319

Congress Street, Boston 9, Mass.

O'Rourke

EDGAR

Company

Co.

W. C. Gibson

Underwriters and

Si Co.

CHARLES R.

PERRIGO,

Hornblower

Distributors

Weeks

Jr., GEORGE
Peabody & Co.

PETERSON,

Kidder,

NEW

YORK

PODESTA,

STOCK

EXCHANGE

POLLICK,

& Co.

ROBERT

Cruttenden

COMMODITY EXCHANGE,

W.
Harriman

Brothers

Brown

MEMBERS

AMERICAN

GEORGE

PETRIE,

Mclaughlin, reuss & co.

Co.

JOHN P.

Swift, Henke Si Co.

(ASSOC.)

PULVER,

INC.

HENRI

Hutchinson

McMaster

RAHN,

FRED

The Illinois

Co.

T.
Company

RAMING, H. PHILIP
Glore, Forgan & Co.

BOND

BROKERAGE SERVICE

RANDALL,
First

Specializing in Public & Stockholders Relations

RALPH

Securities

RENIER.

White,

Blair

WALL

STREET

Telephone

NEW

HAnover

2-1355

YORK

Co.

RAYMOND F.
Weld & Co.

Co.,

LEO

Incorporated

RICE, ROBERT M.
R. M. Rice & Co.

RILEY, WILLIAM T.
The

Teletype—NY 1-2155

of Chicago

Securities

REYNOLDS.

ONE

Company

EDWARD

Salle

REVELL,

Marshall Company,

Milwaukee. Wis

(Associate)
RING,

HERBERT A.

Thomson & McKlnnon

CLARKE J.
Fairman & Harris,

ROBERTSON,

Sills,

Teletype NY 1-733

Gibson

New York 4

Telephone DIfby 4-7800

Co.

PEARSON. DON
PECK,

30 Broad St.

Co.

ARTHUR

Hutton

Stock

O'Rourke

Exchange

American

Jr., JOHN P.

O'ROURKE,

PARKER.

Exchange

Members

OLDERSHAW, HALLOCK B.
Blyth Be Co., Inc.

Members New York Stock Exchange
American Stock

Members New York Stock

O'CONNOR, HUGH J.
Betts, Borland & Co.

Inc.

......

•

Convention Number

TORREY, GEORGE R.
McCormlck

TRITSCHLER.
Reynolds

UNGEHER,

COWDRY,

Krensky

Ver

MEULEN,

Ver

Mewl^n

City

Weeden

and

Texas

Cuiupuii,.

Inc.

Ft.

RICH•*It!)

Cruttenden

Doyle,

& Co.

WALSH. THOMAS
O'Connor

;

Taylor B. Almon

R. B. (Brud) Smith

Thos. B. Walker, Jr.

Co.

WELCH.

EDWARD

Vice-President: John W. Turner, Eppler, Guerin & Turner.

Company

RICHARD

Secretary: R. B. (Brud) Smith, Texas Bond Reporter.
A.

tion.

GEORGE

National

LEROY

Bank

of Chicago

Committeemen:

Dallas

Rupe

Hugh Bradford, Southwestern Securi¬

Allen1, Jr., Lynch, Allen & Company, Inc.;

John L.

Canavan, Rauscher, Pierce & Co., Dallas; Landon A.
Freear, Wm. N. Edwards & Co., Ft. Worth; C. Rader McCulley,

R.
&

Co.,

First Southwest

Aurora, 111.

(Associate)

ders &

Company, Dallas; Jesse A. Sanders, Jr., San¬

Newsom, Dallas.

Dallas

Bank

ROSTER OF MEMBERS

Chicago

DeSHONG,
Dallas

First

ALEXANDER,

Nicolaus Ac Co., Inc.

Texas

WYANDT, OWEN H.
Scott & Wyandt, Incorporated
YOUNG,
La

RAYMOND

Jr.,

Lynch,

Trust

ALMON,

Co.

ORVILLE

Allen

Dallas

Company,

Inc.

TAYLOR B.

Rauscher, Pierce & Co.

Co.

LESLIE

ASKEW,

Bank

ALLEN,

Salle Securities

Securities

Askew

Investment

AUSTIN, Jr., FRANK E.
Walker, Austin Si Waggener

DOLPH,

Dallas

BASS,

Jr.,

Securities

HAROLD

BECKETT, Jr.,
First

Dallas

BOHAN,

Rupe

GEORGE

Burt

Company

HAWKINS,
Dallas

Rauscher,
DUFFOR.D,

Pierce
R.

HEMMINGSON,
Central

& Son

ROBERT

Wm.

Edwards

Co., Ft. Worth,

William

Tex.

GEORGE

Investment

HENDRIX,

P.
&

Son

Dallas Rupe & Son

DUPREE,
N.

Rupe

HEMENWAY, W. P.

Co.

Company

CLARENCE

Texas

Edwards

Co.,

Ft.

Worth

HENDRIX. PHILIP L.

EARP,

II.

Mercantile

Dallas
National

Eank

WILLIAM

HILGER,

DERRY

Rauscher,

Co.,

Worth, Texas
JOE

Company

Pierce

Co.

IIOBBS, WILL
Rauscher,

Southwest

Securities

HENRY, LOUIS B.
Henry-Seay & Co.

(Associate)

Edwards

Union

(Associate)

Company

Pierce

Co.

HORTON, PAUL B.

McCall,

Parkhurst

.(Continued

Crowe

on page

(A'rociate)

32)

Underwriters

Corporation

Dealers
.

Wholesale Distributors

Si Son

Hammill

Jr.,

PUBLIC

Co.

UTILITY

Mutual

STATES

MUNICIPAL BONDS

Co.,

GOVERNMENT

SECURITIES

Inc.

Funds

Dumas,

Securities

Huguenin

Co.

FOUNDED 1890
Boothman

(Associate)

BOSTON,
Beer

RAILROAD

INDUSTRIAL BONDS AND STOCKS

UNITED

BOOTHMAN, CLAUD O.

THOMA8
Company

BRADFORD,

and STOCK BROKERS

Company

Co.

Company

Stayart

BOHNEY,

BOND

WILLIAM L.

Hudson,

INDUSTRIAL

& Son

JOHN

Burt

HATCHER, M. M.

Bank

EPPLER, WILLIAM B.
Eppler, Guerin & Turner

BLACK, A. C.
Henry-Seay & Company

UTILITY

Rupe

HAMILTON, WILLIAM S.

DUDLEY. MORRIS A.

First

BOBO, JULIAN
Rauscher, Pierce <fc Co.

PUBLIC

Inc.

& Son

BERNET, Jr., ALBERT E.
Schneider, Bernet Si Hickman
Shearson,

RAILROAD

Co.,

JOHN H.

CARROL M.

BILHEIMER.

NY 1-911

2-7900

Inc.

THOMAS

Southwest

BENNETT,

Teletype:

Telephone:

Securities

Members New York Stock Exchange

HAnover

Rupe

Dallas

Company

SAMUEL

Equitable

Street, New York 5, N. Y.

Hagberg

HAMILTON,

Rupe Si Son

BEARD,

49 Wall

DORIAN

Company

JAMES

Dallas

Exchange

RIES

Union

Reed

BEARD,

Members American Stock

(Associate)

Bank

HUGH

Keith

VlLAS & HlCKEY

HALL,

Henry-Seay & Co.

ELLIS,

BAILEY, C. ALFRED
Bailey, Scott Si Company
BAMBENEK, J.

Bank

ROBERT

First National Bank

Ft.

lu,,

Dallas

Co.

& Son

National

William

ELLISON

HALE,

Rupe & Son

DICKSON,

JR.,

National

HAGBERG, MAXLEt

Company

STEVE

EDWARDS,

WRIGHT, CHAPIN N.

Stifel,

Rupe

KIRBY
National

Garrett

Texas

Son

GUERIN, DEAN
Eppler, Guerin & Turner

EDELMAN, EDWARD
Locke, Locke & Purcell

National

Union

Dallas Rupe

Alternates: Orville G.

Co.

GLEN

WOUK, THEODORE
The First

Bennett,

Company, Dallas; Winton A. Jackson, First Southwest Com¬
pany, Dallas; John W. Turner, Eppler, Guerin & Turner, Dallas;
Carrol M. Bennett, Dallas Rupe & Son, Dallas; Taylor B. Al¬
mon, Rauscher, Pierce & Co., Dallas.

Co.

Wortman

ties

WOOLARD, FRANCIS C.
Kneeland

Carrol

Son; W. Perry
McPherson, Merrill Lynch, Pierce, Fenner & Beane; Jack F.
Perkins, Jr., J. F. Perkins & Company.

Langill & Co.
WILLIAMS, ROBERT

FRED

DEATON, Jr., FRED.

DENNING,

Directors:

Rogers & Tracy, Inc.

WORTMAN,

Turner

&
D.

GRANOWSKI,
Company

Co..

Guerin

Rupe

GILBERT.
First

Garrett and Company,

WILLIAMS, ANDREW R.

The First National

GIBBS,

Co.

Rupe & Son

DENNARD,

Treasurer: Thomas B. Walker, Jr., Equitable Securities Corpora¬

WILKIN, JOHN N.
Baker, Walsh Ac Co.

WINTERHALTER,

(Associate)

First

Investment

Hutton

Dallas

Smith, Barney & Co.

Inc.

Edwards

GEORGEVITCII,

EDWARD

Central

WIERENGA, RICHARD

Weeden

Reporter.

Beane

Texas

DAVID

Dallas

Company

Eppler,
(Associate)

Crowe

Fenner

EDGAR

Worth,

GENTRY,

\Y.

Edwards

DEATON.

Co.

Krensky & Co., Inc.

WILLIAMS,

Dallas

Worth. Texas

Dallas

President: Taylor B. Almon, Rauscher, Pierce & Co.

Arthur M.

DAVISON, OLIVER E.

O'Connor

WERNECKE.

John W. Turner

Doyle,

and

J.
Bank

DAVIS, J.

WAUCHOP. RAYMOND C.

Sincere

Ft.

Pierce,

LANDON

William

(Associate)

Dallas

National

GEORGE

William

Lynch,

FREEAR,
of

CUTTER, FRED C.

Chesley & Co.
WALLACE,

City

Company

Dlttmar &

CHARLES

Bond

ROBERT

Merrill

Beane

CULLER.

FRANK

FRANKLIN,

Parkhurst

McCall,

THOMPSON

FRED

REX

CLARENCE

CROWE.

GEORGE

Allyn

WALKER.

Fenner

Company

Garrett

Co.

Auditor.

Mercantile

Wis

Co.

WAKELEY.

JOHN
&

FOSTER.

J. H.
Lynch, Pierce,

CROSSMON,

W.
Kmine.

(Associate)
WA1ILQUIST.

FISK,

Inc.

CKOSfilLEY, E. LYNN

Co.

Co..

Group,

Inc.

Edwards,

Ferris

Jr., JOHN B.

Cromwell

FERRIS,

& Company

CROMWELL,
Co.

JOHN
&

Merrill

Inc.

EDWARD

Nuveen

Co.,

Inc.

Co.,

GEORGE

Distributors

Inc.

Harry O. Valleau

John

Underwood &

CORNELL.

VALLF.AU. HARRY

VALLELY.

(OOPER,
Ditlmar

FRED

JAMES

Arthur

Security Dealers Association

Co.

Rogers & Tracy.
VAOHA.

ESTES, B. H.

CONGDON, KEITH

Dallas

Co.

ALEXANDER

THE COMMERCIAL and FINANCIAL CHRONICLE

J. <3. WHITE & COMPANY

INCORPORATED

HUGH

Southwestern

37 Wall

Securities

Company

Street, New York 5, N. Y.

BRANYON, ALLAN D.
Mercantile

National

Bank

Dallas

(Associate)

BROWN, E. KELLY
E. Kelly Brown Investment
BROWN,

EDMOND

Garrett

and

BROWN,
Dallas

BRYCE,

JACK

Garrett and

Walker,

J. R. WlLLISTON & CO.
ESTABLISHED

1889

Co.

Company

Company, Inc.
F.

Austin Si Waggener
Jr.,

Underwriters, Brokers and Dealers

Hagberg

System Teletype NY 1-1815

Securities

JOHN

BUCHANAN,

Bell

Company, Inc.

Union

BUCHANAN,

Telephone HAnover 2-9300

Co.

BUCKNER,

Rauscher. Pierce Si Co.
MEMBERS

AND

OTHER

NEW

STOCK

YORK

AND

STOCK

EXCHANGE

COMMODITY

INDUSTRIAL, RAILROAD

BURT, C. NESOM
C. N. Burt Si Company

EXCHANGES

CANAVAN,

JOHN

Rauscher, Pierce Si Co.

115

Broadway, New York 6, N. Y.

CARLSON,

ROBERT

Southwestern

CAROTHERS,
Carothers

Stocks

Dealers

Co.

UTILITY

Company

AND

Inc.

FOREIGN

SECURITIES

CAROTHERS, Sr., EARL T.
Carothers

Bonds

Distributors

CHARLES

PUBLIC

Securities

Co.,

Inc.

CARROLL,

JAMES
Rauscher, Pierce Si Co.

Commodities

Brokers

CART WRIGHT,

Merrill

Dallas

Telephone

Cable

Teletype

BArclay 7-7500

"Williston"—New York

NY 1-2766

Republic

•

Miami Beach, Florida

III,

Securities

JOHN

National

CLIFTON,

Rye, New York

DICK

Union

CLAYTON,
First

EDWIN

Lynch, Pierce, Fenner 6c Beane

CLARK, Jr.,

RAE
M.
National Bank

COKE, Jr., OWEN S.
First Southwest Company
COLE,

JOHN J.

Dallas Rupe

Company

& Son

BURNHAM

Bank

AND

COMPANY

Members New York Stock
(Associate)

15 Broad

Exchange

Street, New York 5, N. Y,

Mr,

Mrs.

Hardy,

Rubin

First

Boston

Financial

Commercial

Dallas

Corporation, Philadelphia;
Chronicle, New York

Hal

Mr.

Murphy,

Judson S. James & Co.

MILLER,

HOUSTON, B.
Dallas

Union

FRANKLIN

Securities

Union

Dallas

Co.

Hutton

Dallas Rupe

Co.

OSBORNE,

Company

Company
S.

& Son

CLIFFORD J.

Dallas Rupe

Company

EDWIN

OLSMITH,

Millar &

11.

Securities

OLIVER, Jr., ALLEN L.

MITCHELL, Jr., JOE C.

HERBERT M.

JONES,

Wood, Struthers & Co.

Securities Company

Union

Dallas

Company

FRANK

Frank

Eppler, Guerln & Turner
HUIE, HARVEY

OBENCHAIN. THOMAS

FRANK

Southwest

MERRILL, SAM
Rauscher, Pierce

JOHNSON, PAGE

ROSTER OF MEMBERS

H. Doerr, American Securities Corporation, Philadelphia;
Stanley Roggenburg, Roggenburg & Co., New York

Mrs.

First

Company

JAMES, Jr., JUDSON S.

(Continued from page 31)

MEDANICK,

Southwest

First

William

Mrs.

Mr.

JACQUES, JAMES

Security Dealers Association

Thursday, October 14, 1954

FINANCIAL CHRONICLE

THE COMMERCIAL and

& Son

MOORE, ADDISON P.
HUDSON,
Hudson,

JOHN

Stayart

HUMPHREYS,

Co.,

Inc.

Co.,

inc.

Keith

HUDSON, ROBERT S.

Hudson,

Stayart &

Reed

JACKSON.
First

PAT
&

Jr.,

KEELER,

Company

WILLIAM

Southwest

Lord,
C.

Company

HUGUENIN, A. B.

JACKSON,

Dumas, Huguenin & Boothman

First

(Associate)

WINTON A.
Southwest ComDany

keil,

Southern

ACHESON

Abbott & Co.

morris

MOORE.

Schneider, Bernet & Hickman
keller,

Co.

OTT,

Company

OTTO.

Garrett

and

Mercantile

Dallas Union Securities Company

Underwood

Co.,

Bank

First National

MURPHY, R. P.
First National

(Associate)

Bank

J. Edwards,

Inc.

Dallas

KLECKA, JOE E.

PAYNE, JACK

First Southwest Company

NAZRO,

WALTER S.
Garrett and Company, Inc.

ARTHUR

North

American

Securities

National Bank of Dallas

Republic

KLINE,

BUYERS OF BUSINESSES

(Associate)

Inc.

PAWEL, TOM E.

KIRK, PAUL

are

Son

PARKHURST, MILLARD
McCall, Parkhurst & Crowe

MORRIS, JACK
R.

«fe

OWENS, JAMES C.

Bank

National

(Associate)

Rupe

Company

MORONEY, T. J.
Republic National Bank of Dallas
(Associate)

Ft. Worth, Texas

KERR, Jr., BEN J.

Dallas

MOORE, WILMER L.

henry

L. A.

Beer & Company

Moore

Keller & Ratliff

MURRAY

Murray

Brokerage

Company

PEARSON,
Sanders

LAFFERTY, J. LEWELL

Mountain

NEWSOM, Jr., WILLIAM R.

Salt

Newsom

HAROLD
Securities

States

Lake

City,

Corporation,

Utah

Republic National Bank
NICOUD,
First

LANGMORE, W. BANKART

and

PENICK,

ROBERT

National

Bank

TOM

Hudson,

Stayart

Co.,

Inc.

Wood, Struthers & Co.
LEWIS, BEN
Beer

BLOCKS OF STOCKS

Company

LUCAS, B. w.
Fort

Worth

Fort

Worth

National

Bank,

Dealers and Brokers in

LYNE, III. LEWIS F.

Inquiries Invited from Brokers and Dealers

Mercantile National Bank of Dallas

Railroad, Public Utility & Industrial

MAILLOUX, MELVIN
Transwestern

Investment Co.,

MALONEY, THOMAS

Bonds & Stocks

Inc.

Rauscher, Pieroe & Co.

Over-thc'Counter

MANGRUM, JOHN E.
Southland Life Insurance Co.

Hill, Thompson & Co., Inc
70 Wall

MANNEY,

(Associate)

Frank

IRVING

Industrial

Securities

Trading

Dept.

Howard Brown
MacKain

Corporation

MANNING, W. K.

Street, New York 5, N. Y.

Ingalls & Snyder

Wood, Struthers & Co.
MARTIN, J. T.
Shearson, Hammill & Co.

Telephone WHitehall 44540

Members New York Stock Exchange
Members

American

Stock Exchange

MASON, A. J.

Republic

National

Bank

(Associate)

100

COrtlandt

MAYES, HARLAND
Rauscher, Pierce & Co.

NEW YORK 5, N. Y.

BROADWAY
7-6800

—

Bell

System

Teletype

1-1459

McCALL, HOBBY II.
McCall,

Parkhurst

Crowe

(Associate)

Crowe

(Associate)

McCALL, JOHN D.
McCall,

Parkhurst

McCarthy, g. l.
Eppler, Guerln & Turner

McCLANE, JOHN S.
Barron

GARTMAN, ROSE & CO

McCulloch,

Ft.

Worth,

McCLURE, Jr., FRED L.
Hudson, Stayart & Co..

Texas

Inc.

McCONNELL, HARRY N.

MEMBERS

NEW

AMERICAN

YORK

STOCK

EXCHANGE

Central

(ASSOCIATE)

Investment

Texas

AMERICAN

FUND

Company

CLAYTON R.
First Southwest Company

AFFILIATED

BUSINESS SHARES

A Common Stock Investment Fund

MEMBERS

A Balanced Investment Fund

McCULLEY,

McCULLOCH, BARRON
Ft. Worth, Texas
McEWEN, HAROLD D.
E.

Hutton

McFARLAND,
Central

ONE WALL STREET

TELEPHONE

NEW

WHITEHALL

TELETYPE

YORK 5,

3-8200

1-2122

Company

Investment

this Fund

WILLIAM E.

Investment

McGJNNIS,

N. Y.

Company of Texas

Prospectuses

McMAHON, FRANK B.

portfolio

growth.

request

63 Wall Street, New York

Co.

CHICAGO
Mcpherson, w. perry

Lynch,

bonds

Lord, Abbett & Co.

Henry-Seay & Co.
McNATT, GUY W.

Merrill

selected for

(Associate)

between

Pierce,

Fenner

Bcane

and

preferred stocks selected for
stability, and common stocks

capital and income growth

McKINNEY, MUNSON
Rauscher, Pierce 8s Co.

balanced

long-term

for its shareholders.

J. H,

Republic National Bank

Henry-Seay

Company supervises

objectives of

are

ATLANTA

LOS ANGELES

Convention Number

Mr. & Mrs. Laurence

Bertrand

Leppel, Charles A. Parcells & Co., Detroit; Virginia Lee, Stroud & Company, Incorporated,
Philadelphia; Lucille Farrell, H. G. Kttch & Co., Philadelphia, checking in at 1954 Convention

Frazier, Laurence Fraxier & Co., New York; Mr. & Mrs. Morton A. Cayne,
Gottron, Russell & Co., Cleveland

ROOKER,

Dallas

THE COMMERCIAL and FINANCIAL CHRONICLE

GEORGE

Keith

Security Dealers Association

Reed

RUPE, Jr., D.

ROSTER OF MEMBERS

Merrill

GORDON

Dallas Rupe

PAUL

UTLEY,

Company

WALTON,

Lynch, Pierce,

VINYARD,

WARD, R.

EUGENE D.

& Son
Central Investment Company

TERKINS,
J.

Rauscher,

F. Perkins & Company

PIERCE, CHARLES C.

Rauscher,

Pierce & Co.

Keith

RIVES,

RUSSELL

Texas

Reed

JOHN H.

Sanders

Beer

Company

Securities

Corporation,

Austin

Waggener
Dallas Rupe A Son

WALKER, Jr.,

Newsom

THOMAS B.

WIGLEY, Jr., ROBERT

Equitable Securities Corporation

Company

WALKER, WILLARD E.

Walker,

Austin

F. Hutton &

WRIGHT,

Company

CARL

Central Investment

Waggener

Company of Texas

SCOTT, RALPH E.

First

Bank

National

Dallas

National Bank

SCOTT, WALTER R.
Bailey, Scott & Company

LEWIS F.

Investment

Central

Union

Worth, Texas

WEIL,

Walker,

Ft. Worth

WAGGENER, NELSON

SCHNEIDER, JULES E.
Schneider, Bernet & Hickman

Company

NICHOLAS

RODGERS,

Rauscher. Pierce Ss Co.

Dallas

(Associate)

FRED

Republic

Keller & Ratllff, Ft. Worth, Texas

Bank

SANGER, EDWIN

Bank & Trust

ROBERTS,

RATLIFF, HARRY

Ft.

National

SANDERS, Jr., JESSE

REED, KEITH B.

Henry-Seay & Co.

RAUSCHER,

Co.

Dallas Rupe A Son

Henry-Seay & Co.

Mercantile

REED, HARRY F.

POSTEL, ARTHUR E.

PRESLEY,

Pierce

Dallas

of Texas

SAMPLE, CLARENCE

Jr., JOHN H.

RAUSCHER,

Jr., JACK F.

Fort Worth National Bank,

& Beane

Fenner

Company

Texas

SEAY,

WILLIAM

Henry-Seay

Underwriters and Wholesalers

Co.

SHEA, JOSEPH
E. F.

Hutton

Company

°f

SHELTON, LOCKETT
Republic National Bank of Dallas

Roggenburg

Co.

Natural

SHIELDS, Jr., E. A.
Merrill Lynch, Pierce,

Fenner

Market Securities

SHILG, J. ERVIN
Members
National

New

York

Association

Security Dealers

Association

of Securities Dealers, Inc.

Brokers and Dealers

Garrett

and

Company, Inc.

SITZENSTATTER, N. J.
Eppler, Guerin & Turner
SMALLWOOD,
First

CORPORATE SECURITIES

WILLIAM

Southwest

SMITH,

PETER MORGAN & CO.

Company

31 Nassau

Texas

Bond

Reporter

(Associate)

Tel.:

STANDLEY, JOHN
Southwestern

Specializing in

All

Resource, Industrial and General

Beane

Life

Insurance

Street, New York 5, N. Y.

DIgby 9-3430

Tele.: NY 1-2078

Co.

(Associate)

Foreign Bonds & Stocks
Foreign Bond Coupons

STAYART. LOUIS W.
Hudson, Stayart & Co., Inc.
STEPHENS, JOHN D.
First

National

Bank

STEVENSON, O. ROY
Worth

Fort

Foreign Bond Scrip

Fort

German Dollar Bonds

STONE,

NEW YORK 6

BROADWAY

Bell

Teletype: NY 1*1928

Bank,

Rauscher.

Telephone: WHitehall 3*3840

National

Worth

Pierce

Co.

STORIE, WILLIAM STEWART
First

Southwest

Pflugfelder & Rust

Company

TAYLOR, W. ALLEN
E.

Hutton

Members of the New

Company

York Stock

Exchange

TEMPLE, ROBERT F.
Southwestern

Securities

Company

TEMPLE, T. D.
Walker. Austin

THALIIEIMER,
Carothers

LOUIS

BROADWAY,

A Waggener

Co.,

NEW YORK 6,

Inc.

THOMAS, J. E. W.
Keith

Reed

THOMAS,

Company

RODERICK

«■

Telephone BOwling Green 9-4900

Dallas Rupe & Son

MONEY

THOMAS. Jr.. R.
Dallas

Rupe

BRUCE
Son

THORNTON, JEROME
Rauscher, Pierce & Co.
THWEATT, JEAN E.
Sanders

A Newsom

TUCKER, ALLEN

GARVIN. BANTEL & CO.

Rauscher,

Pierce

Co.,

120 Broadway, New York 5, N. Y.

Co.

TUCKER, R. G.
MEMBERS

NEW YORK STOCK

MEMBERS

AMERICAN

EXCHANGE

STOCK EXCHANGE

Underwood

MEMBERS

Inc.

New York

DIttmar A Company

COLLATERAL LOANS

& DEALERS

New York

Cotton

New York Produce
New

New York

TYSON, EARL A.

New

Eppler, Guerin Ss Turner

NEW YORK 5

Exchange

Commodity Exchange, Inc.

& Son

TURNER, JOHN W.
York

Coffee &
York

Exchange

Mercantile

Eppler, Guerin A Turner

120 BROADWAY

Exchange

Chicago Board of Trade

TURRELLA, E. P.
Dallas Rupe

SERVICING BANKS, BROKERS

Stock

American Stock Exchange

TUCKER, W. ROY

Exchange

Sugar Exchange, Inc.

Cocoa

Exchange, Inc.

Chicago Mercantile Exchange

UNDERWOOD, ROBERT A.

Telephone BArelay 7-6440

Teletype NY 1-17

Underwood

Co.,

Inc.

Tel.:
UNDERWOOD, Jr.,
R.

Underwood

ROBERT A.
A

Co..

Inc.

REctor 2-6800

Cables "STAMAL"

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Treasurer: John

Alabama
s;:X&:

Security Dealers Association

Odess,

Lewis J. Odess, Odess, Martin &
Elected:

Martin

Herberg,

Inc.,

Birmingham

National Committeemen: Alonzo H. Lee, Sterne, Agee

W/tf/,

LOUIS

SCHULHAFER.

Cox, Jr., Birmingham Trust National Bank,

Birmingham.
& Leach;

A. 4

SELLERS, PHILLIP

Herzberg, Incorporated.

Sellers, Doe & Company, Montgomery

January, 1954; Took Office: January, 1954; Term Expires:

SHIVER,

January, 1955.

JOHN

JR.,

Merrill

Lynch,

Pierce,

Fenner

Beane,

Birmingham
r—•

ROSTER OF MEMBERS
OGDEN

SHROPSHIRE,
RALPH

ADAMS,

AGEE,

Company,

Perry
Birmingham

Inc.,

RUCKER

Sterne,

Agee

Leach,

Birmingham

Ogden

Weidon

Shropshire

Carlson &

LYNN.

Birmingham

Agee

Leach,

Courts

Birmingham

STERNE,

MARTIN, ELBERT H.

Odess, Martin & Herzberg, Inc.,
Birmingham

Doe
ANDRESS, JAMES C.
National

Mobile, Mobile

Marx

Hugo

GEORGE

Jr.,

Stubbs,

Company,

Sterne, Agee & Leach, Birmmgha

V. HUGO

MARX,

Bank

Company, Birmingham

MERVYN

STUBBS,
First

Inc.,

Birmingham

Co.,

HENRY M.

Stubbs, Smith & Lombardo,

HENRY S.

Sterne,

ALLISON. Jr., CHARLES J.
Equitable Securities Corporation,
Birmingham

Lewis J. Odess

SMITH,

STANSEL, ARTHUR

ALEXANDER, GEORGE B.
Conville & Company,

Inc.,

KENNETH

LONG,

Shropshire St Company, Mobile

LOMBARDO, JOSEPH P.
Stubbs, Smith & Lombardo,
Birmingham

Berney

Smith

Lombardo,

Inc.,

Birmingham
Birmingham

ANDREWS, J. WARREN
National

First

ANDREWS,
Merrill

Bank,

Montgomery

Hugo

Marx

THORNTON,

Birmingham

Company,

Thornton,

Jr., V. HUGO

MARX,

Lynch,

Pierce,

Fenner

Beane,

MILLS

Mohr

Farish,

WILLIAM

Marx

Hugo

Birmingham

Company,

Montgomery

THORNTON, Jr., J. MILLS

Birmingham

Thornton,

MASTERS, ERNEST

ARMSTRONG, ERNEST
Sterne

BACON,

Merrill

& Leach,

Agee

Montgomery

ROBERT S.
of

Mobile, Mobile

Beane,

TURNER

Birmingham

Marx

Hendrix & Mayes,

Mohr

LEO

Farish,

Montgomery

Birmingham

Company,

TUTWILER,

Inc., Birmingham

Merrill

BAXLEY, MARION
Merrill

Fenner St

MAYES, HAROLD B.

Bank

National

First

Lynch, Pierce,

McREE, S. A.

Lynch, Pierce, Fenner St Beane,

ALLEN

Fenner

Beane,

Birmingham

Carlson & Co., Birmingham

Montgomery
ULMER

SIDNEY J.

MOHR,

BONHAM, JOHN A.

Thornton,

Mohr

Farish,

Montgomery

CLYDE

Courts

Company,

Sellers, Doe & Company, Montgomery

BOSWELL, GRADY
Merrill Lynch,
Montgomery

John B. Cox, Jr.

George B. Alexander

MONTGOMERY, CHARLES H.
Odess, Martin & Herzberg, Incorporated,

Pierce,

Fenner

Beane,

Odess, Odess, Martin

& Herzberg, Incorpo¬

Merrill Lynch, Fierce, Fennere St Beane,
Birmingham

BRODNAX, MARION

rated, Birmingham.

Securities

Birmingham? v

Weidon

Vice-President:

Sellers,

Jr.,

Doe,

Doe

Company, Montgomery.
Secretary: George

Corporation,

Martin & Herzberg,

Incorporated,

CANBY,

YARDLEY

Courts

& Co.,

PERRY

Berney

First

Morrow

Watkins.

Perry & Company,

WOOD,

Inc.,

Company,

George

Investment Co.,

Inc.,

WOOD,

JR.,

George

Co.,

Birmingham

Wood & Company,

GEORGE

M. Wood

& Company,

Montgomery

NELSON

Lynch,

Morrow

GEORGE M.

Montgomery

Pierce,

Fenner

Beane,

YARDLEY,

Birmingham

Montgomery

Merrill

Birmingham Trust National Bank,

MILES

WATKINS, Jr., WARNER S.

HOWARD

ROANE,
COX, JOHN B., Jr.

Corporation,

WARNER S.

Watkins,

Perry & Company, Inc.,

Crescent Finance &

MORTIMER A.
Sterne, Agee & Leach, Montgomery

FOREIGN

Beane,

Birmingham

Birmingham
PILL,

COHEN,

JAMES

TUNSTALL

HI,

Jr.,

WATKINS,

PERRY, W. BERNEY

CARLSON, Jr., Robert H.
Carlson & Co., Birmingham

CROW,

Stubbs, Smith & Lombardo, Inc.,

Martin & Herzberg, Inc.,

Odess,

Securities

WATKINS,

Birmingham

CARLISLE, JUDSON
Sterne, Agee St Leach, Birmingham

For financial institutions

Fenner

Birmingham

DRAYTON

LEWIS J.

Berney

Tuscaloosa

Alexander, Conville & Co., Birmingham.

Pierce,

JOSEPH

Equitable

Birmingham

BRYANT, HOMER

Odess,

Lynch,

WALKER,

Company,

First National Bank, Birmingham

ODESS,

BLYTHE

Cumberland

Mobile.
Second

BROWN,

MORROW, Jr., HUGH
Watkins, Morrow &
Birmingham
NABERS,

Knight, Inc., Birmingham

Brodnax St

Ogden Shropshire, Shropshire & Company,

First Vice-President:

Merrill

Birmingham

Montgomery

BOYCE, MILTON S.

President: Lewis J.

Birmingham

VINCENTELLI, JOHN

Hendrix

THOMAS
&

Mayes,

K.
Inc.,

Birmingham

National

Bank

Birmingham,

Birmingham

CRUMPTON, TOM U.

SECURITIES

T. U. Crumpton &

Co., Inc. Birmingham

Merrill

Lynch, Pierce, Fenner St Beane,
Birmingham

TRADING

FIRM

offer the

advantages of

active and close relationship with

DARBY, Jr., NOLAN C.

DENSON,

MARKETS

Merrill Lynch,
Birmingham

DOE,

the chemical and

drug industries in the purchase and sale of blocks
of listed

HARRY

Pierce,

Fenner

unlisted

Beane,

CHEMICAL and DRUG SECURITIES

WELDON

Sellers, Doe & Company, Montgomery

C!arl Marks & Co. Inc.
•

FOREIGN

SECURITIES SPECIALISTS

EDDINS, JOHN

Merrill

Lynch, Pierce, Fenner St Beane,
Birmingham

TRADING DEPARTMENT

ELIASBERG, JULIEN
Selma

50 BROAD STREET

•

NEW YORK

4, N. Y.

FORE, ROBERT B.
First

TELETYPE NY 1-971

TELEPHONE HANOVER 2-0050

National

Bank

Birmingham,

Birmingham

F.
39

FRAZER, FRANK B.

EBERSTADT & CO. INC.
NEW

BROADWAY

YORK

CITY

Teletype N. Y. 1-618

Telephone WHitehall 4-8787

Shropshire St Company, Mobile
HAWORTH, HOWARD H.
Merrill

Lynch, Pierce, Fenner & Beane,

Birmingham

HAYLEY, FRED A.
Merchants

HECHT,

National

Merrill

For

Lynch,
Birmingham

Banks, Brokers and Dealers

Bank,

Mobile

GEORGE

Pierce,

Fenner

HENDRIX, JAMES R.
Hendrix & Mayes, Inc.,

Beane,

Birmingham

Brokers and Dealers

HERZBERG,

BERNARD F.
Odess, Martin & Herzberg,
Birmingham

FOREIGN

Inc.,
-

in Listed and Unlisted

HODGES, Jr., C. O.
Merrill

Lynch,

Pierce, Fenner

Beane,

Birmingham

SECURITIES

1954

•$>

1923

Securities

HOLLEMAN, S. BROOKS
Hugo Marx & Co., Montgomery

HUBBARD, CHARLES C.
Hendrix & Mayes,

Inc., Montgomery

INQUIRIES INVITED

HYDINGER, EB S.
Carlson St Co.,

MODEL, ROLAND & STONE
Members

120

New

BROADWAY

York

Stock

Exchange
WORTH

NEW YORK 5, N. Y.

NORTHGATE HOUSE

JEMISON, Jr., JOHN S.
Marx

Co.,

Birmingham

KNIGHT, Jr., ROY W.
4-5300

TELETYPE NY 1-2525

LONDON:

Birmingham

Brodnax St Knight, Inc., Birmingham

Frank €• Masterson & Co.
Established 1923

KNOWLES, BEN
Merrill Lunch,

Pierce, Fenner &

Beane,

Members American Stock Exchange

Montgomery

64 WALL STREET

20-24 MOOREGATE. LONDON, E. C. 2.

•

NEW YORK 5, N. Y.

LEACH, EDMUND C.
Private

Teletype to London, England,

Sterne, Agee St Leach, Montgomery
LEE, ALONZO H.

Sterne, Agee & Leach, Birmingham

Telephone HAnover 2-9470

Teletype NY 1-1140

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

Mr. & Mrs.

Henry Perenon, Henry F. Swift & Co., San Francisco

Security Traders Association of Connecticut

Checking

for

Convention

the

Claridge

ENGLISH, JAMES P.
Cooley 6c Company

FAUST, HAROLD E.
Equitable
FON

Securities

EISEN.

Fahnestock 6c
GRAHAM,
G.

GRAHAM.
New

JEFFERSON

Co.

JOHN

Walker

Corporation

NICHOLAS

CUSTODIAN

E.
Co.

REGINALD

FUND, Inc.

Haven

HEGEMAN, ARTHUR W.
Hegeman & Co., Stamford
UOLMAN.

Prospectus

Request

WILLIAM D.

Putnam 6c Co.

nUNGERFORD.
Robert C.

Adolph G. Starkel

Nicholas E. FonEisen William H. Rybeck

A. Maurits Johnson

DONALD E.

Buell

HURLBERT,

and

Company

GORDON

Andrews

JACOBS, DONALD
Conning & Co.

Frank M. Gryan Co., Inc.

Co.,

West

Hartford

First

Vice-President:

Nicholas E. ForuEisen,

Fahnestock

Broadway, N. Y.

•

HAnover 2-3832

Pittsburgh

Philadelphia

JOHNSON. A. MAURITS
G. H. Walker & Co., Bridgeport

President: Adolph G. Starkel, Putnam & Co., Hartford, Conn.

Underwriters
52

KEEFE, JR., HARRY V.

Co.,

Hartford, Conn.

Day & Co.

KENNEDY, JOSEPH R.
Kennedy-Peterson, Inc.

Second Vice-President: William H.

Rybeck, William H. Rybeck &

Company, Meriden.
Secretary-Treasurer: A. Maurits Johnson, G. H. Walker & Co.,
Bridgeport.
Governors: Gordon H. N. Libby, Coburn &

Middlebrook, Incor¬

porated, Hartford; George L. Austin, G. L. Austin & Co., Hart¬
ford; Robert B. Calvert, Schirmer, Atherton & Co., Hartford;
Richard W. Wilde, Conning & Co., Hartford; Harold I. Dyer,
Eddy Brothers & Co., Hartford.

KNABLEIN, RUDOLPH L.
Hincks Bros. 6c Co., Inc., Bridgeport
LIBBY, GORDON H. N.
Coburn & Middlebrook,

Incorporated

MAIGRET. NORMAN
Coburn 6c Middlebrook,

Incorporated

MELIA, THOMAS F.
The

Libby, Coburn & Middle-

brook, Incorporated, Hartford.

Watson

Elected: October, 1953; Took

Co., Hartford.

Office: January, 1954; Term Expires:

December, 1954.

located

Hartford

unless

Shear son,

CLAPP,

AUSTIN, GEO. L.
G. L. Austin 6c Co.

Cooley

Eddy

Hammill

BLOODGOOD,
Charles

JR., FRANK P.
& Associates,

Thenebe

Co.

Public Relations Counsel

RYBECK,

and Stockholders Service

WILLIAM H.

your

service.

of dealer and inves¬

interest in sound stocks

suffering from thin markets
and lack of

sponsorship.

ADOLPH

New Haven

WE CAN BROADEN

EIGHTY WALL ST.

MARKETS OF

NEW YORK 5, N. Y.
Telephone: BOwllng Oreen 9-5240

INACTIVE SECURITIES
OF MERIT

Teletype: NY 1-3390

YOUR

Jackson Stelner 6c Co., Inc.
1

INQUIRY IS INVITED

SUTTON, FREDERICK T.
White, Weld & Co., New Haven

COHAN. HARRY D.
Denton 6c Co., Inc.

SWAN, LESLIE

Putnam 6c Co.

B.
Chas. W. Scranton 6c Co.,

New Haven

New

Haven

SWEENEY, WILLIAM J.
Sweeney 6c Company, New Britain
TACKUS, ANDREW
Putnam 6c Co.

COX. FREDERIC R.

Haven

Meriden

opment
tor

are

specialty is the devel¬

STEINEB, S. JACKSON

COOK, AARON

BRADLEY, E. HOLBROOK
Edward M. Bradley 6c Co., inc.
New

PAZERA, ALPHONSE L.
The R. F. Griggs Company, Waterbury

Putnam 6c Co.

CONNER, EARL W.
Maples 6c Goldschmldt. South Norwalk

BOWMAN, ALFRED H.

contacts

Distributors

ability, seasoned

Our proven

experience and national

Our

Haven

STARKEL,

Co.

R. L. Day 6c Co.

Torrington

Hartford

Fahnestock

and

MURRAY, FRANK J.
Laird, Bissell & Meeds

SHURE, JOSEPH
Bache & Co., New Haven

CLEMENCE, ROBERT H.
BLIGH. ROBERT A.
Fahnestock 6c Co.,

Underwriters

McClure and Shaw

Co.

CLARENCE B.
6c Company

Estabrook

Brothers & Co.

Security Dealers Association

Co., Bridgeport

SHAW, JOHN H.
&

CLARK, MYRON H.

BEAKEY, EDWARD

York

SAMUELSON, ARTHUR O.
George C. Lane & Co. Inc., New Haven

C1LENTO, FRANK E.

otherwise indicated)

Members New

Member National Association of Securities Dealers Inc.

Morris & Co.

William H. Rybeck 6c Company,

ROSTER OF MEMBERS
(Members

MORRIS, ROBERT S.

New

Alternate: Adolph G. Starkel, Putnam &

Waterbury

MORGAN, DANIEL J.

Robt. S.

National Committeeman: Gordon H. N.

Griggs Company,

iNERAL INVESTING CORP,

THENEBE, CHARLES E.
Charles E. Thenebe 6c Associates

BRESLAV, WALTER
G. H. Walker & Co.,

DOCKHAM,
Hincks

Bridgeport

CALVERT, ROBERT B.
Schirmer, Atherton 6c Co.

GEORGE A.
6c Co., Inc.,

Bros.

Bridgeport

DYER. HAROLD L

WEISKE,
A.

F. RICHARD
6c Co., Bridgeport

M. Kidder

WILDE, RICHARD W.

Eddy Brothers 6c Co.

TRADING MARKETS

Conning & Co.

OVER-THE-COUNTER
SECURITIES

PRIVATE WIRES TO

Hendricks & Eastwood,

Inc.

G. A. Saxton

Co., Inc.

Philadelphia

Teletype NY 1-609 6- 1-610
San Francisco

70 Pine

St., New York 5, N.Y.
WHitehall 4-4970

SreeweandCompcmij
Members New York Security Dealers Association

Members National Association of Securities Dealers

37 Wall

Trading Markats in Pnblie Utility, Natural Qas and Industrial Securities

Street, New York 5, N. Y.

Teletype

Telephone

NY 1-1126 & 1127

HAnover 24850

THE COMMERCIAL and FINANCIAL

San Francisco

Youngberg; Maury J. Kess-

QUINN,

John F. Sullivan,
Incorporated; Earl Thomas, Dean

RARER,

Directors: Ralph H. Brown, Stone &

Security Traders Association

Thursday, October 14, 1954

CHRONICLE

First

California Company

JOHN J.
Youngberg

Stone

ler, Wells Fargo Bank & Union Trust Co.;

WILLIAM

Hooker

Witter & Co.

REINER,
Wells

Elected:

11, 1953; Took

December

Office: January 1, 1954; Term

Fay

MILTON
Fargo Bank &

Union

Trust Co.

RICH, LOUIS
Schwabacher

Expires: December 31, 1954.

Co.

RICHMAN, ANTHONY J.
Hooker & Fay

ROSTER OF MEMBERS
ROBERSTON, Jr., BENJAMIN B.

Schwabacher
in

located

(Members

San

Weeden

MAY.

RICHARD

ABRAHAMSON,

Wulff, Hansen & Co.

Indicated)

unless otherwise

Co.

President: Walter Vicino,

Blyth

Blyth & Co., Inc.

Dean

FRED

Costello, American Trust Company

Secretary-Treasurer: John A.

Lynch, Pierce, Fenner & Beane

Stone

Barth

Strauss

Walston

Co,

Staats

Co.

Weeden

PIKICH,

Lutich

WATTS, WILLIAM F.

Gorey Co.

Merrill

Swift & Co.

First

EMIL

G. Becker & Co.,

POWELL,

Lynch, Pierce, Fenner & Beane

BROOKS. D.

WEBER,

California Company

Incorporated

ELMER

WEIR,

Co.

VICINO, WALTER
Blyth & Co., Inc.

HENRY

Henry

Co.

Inc.

THOMAS, EARL
Dean Witter & Co.

du Pont & Co.

PERENON.

BOURNE, ROBERT K.
Harold

Co.

Walter C.

Brush, Slocumb & Co.

$10,000)

Co.,

SULLIVAN. JOHN F.
First California Company

RICHARD

PAYNE.

BLUM, ERNEST E.

BORDEN, THOMAS W.

JACKSON H.

PALMER,
Francis

SPECIALIZING III ODD LOIS

Blyth

O'REILLY, JOHN J.

Co.

BELLIZI, JOSEPH
Walston

JAMES M.
Johnson & Higgins

BARRY

STONE,

Collins

Denault

MUNICIPAL BONDS

Co,

william

murphy,

WILLIAM

William

Co.

STEWART,

BELKNAP,

Co.

MORRILL. CLIFTON w.

Holt

(Amounts

Wilson,

Bank

Youngberg

BEEBE,

LOUIS J.
Elworthy & Co.

SPULLER. Jr.,

frank

moran,

BENJAMIN

BAUM, Jr.,

Richards

Hill

Witter & Co.

Crocker First National

Cahn

ROBERT L.

SMITH.

BARKER, STEWART 8.

Swift & Co.

Snook

Shafft,

Inc.

Co.

CONRAD

SHAFFT.

McMAHON. J. B.

A.
J.

Vice-President: Henry Perenon, Henry F.

SCHAG, WALTER
Davis. Skaggs &

william

jr.,

Co.,

Merrill

BAKER, Jr.,

Alto, Calif.

Lynch, Pierce, Fenner & Beane

Mclaughlin,

& Higgins

Wilson, Johnson

John A. Costello

Kanry Perenon

Walter Vicino

WILLIAM

EARLE

Earle May & Co., Palo

Merrill

Elworthy & Co
(Honorary Member)
BAILEY,

RUDOLPH T.
Shuman, Agnew & Co.

SANDELL.

McCLINTICK. JAMES E.

ELIZABETH

ACIIARD.

Co.

MACRAE, Jr., COLLINS L.

Francisco

JAMES

Barth & Co.

J.
'

Harris,

BOWYER, FRANK
Schwabacher

LEBENTHAL6 CO.
135 BROADWAY,

NEWYORK ERN.Y.

•

Co.

McAndrew

BROWN,
Stone

REdor2-1737

Co.,

RALPH
&

Youngberg

American

Trust

WHITAKER, EMMET K.
Davis, Skaggs & Co.

Incorporated

WOOD,

QUINN, HUBERT J.
Hooker

■?

PRICE. THOMAS W.

BUICK, JOHN E.

First

Fay

LEWIS J.
Corporation

Boston

Company

CARSON, GEORGE F.

ODD LOT MUNICIPAL BOl
Bell Syitem

Upham & Co.

B555wij

Reynolds

Co.

JOHN

COSTELLO,

Teletype NY 1*2272

Trust

American

DAVIDSON,

A.
Company

HODGE

MARTINI,

Sutro & Co.

SHARE COMMON

AND

BOND

TELEPHONE

Davidson & Co.

LEONARD
..

Prospectus on Request

WILLIAM

DONDERO,

First California Company

DREIFUS,
A.

CHARLES
Co., Incorporated

JR.,

EGAN, JOHN F.

CO.

HOURWICH

Becker &

Primary Markets in

Members

First California Company
NEW

YORK SECURITY DEALERS

ASSOCIATION

ENGLISH, GIFFORD M.

New York

City

F. Hutton & Company

FARRELL,

WILLIAM

FAULKNER.

Bank Stocks

WILLIAM

NEWYORK 5, N, Y.

WILLIAM STREET

Lundborg & Co.

Irving

WHitehall 4-4185

System Teletype NY 1-2815

Bell

Wulff, Hansen & Co.

FAZACKERLEY, KENNETH
Irving Lundborg & Co.
FINNEGAN, JOHN FRANCIS
& Talbot

Hannaford

FORD, JACK

Kugel, Stone

Co.

HERMAN

FRESE,

Carlos

San

GIANTI, RICHARD
Incorporated

Francis

Pont

are

pleased to

announce

Co.

that

have

now

started

33rd

our

year

GOREY, WALTER C.

New York 4,

30 Broad Street

N. Y.

Walter C.

Teletype: N.Y. 1-1822

the

same

GEORGE G.

GUMBEL,

Telephone: WHitehall 3-2050

Gorey Co.

and the

& Co.

'J. Barth

CHARLES

HARKINS,

address with the
same

firm

same

name

business

SPECIALISTS IN UNLISTED SECURITIES

Blyth & Co., Inc.

ALBERT A.

HEWITT,

"t"

First California Company

<■

john j. o'kane jr. & co.

HILL, Jr., HOUSTON
J.

Strauss

Co.

ESTABLISHED
Members

Brush, Slocumb & Co.

MoBURNEY

HOWARD,
The

A securities
and

firm serving dealers

individual

investors

based

1922

LESLIE

HOWARD,

First

New

York

Security

Association

42 Broadway, N. Y.

DIgby 4-6320

Boston Corp.

Dealers

IMHOF, JAMES R.

Oakland, Calif.

Frank Knowlton & Co.,

PAUL E.

ISAACS.

Sutro &

Co.

JANK, CHARLES E.
on

research and

trading markets

Frank

Knowlton

Co.,

Oakland

JENKINS, ROBERT
Davis, Skaggs & Co.
JORDAN,
Hill

STOCK

III, JAMES O.

Richards

KAMMERER, GEORGE G.
J.

Strauss

BROKERAGE

SERVICE

Co.

for Banks,

Co.

Brokers and Dealers

KANE,

CHARLES B.
Walter C. Gorey Co.

Strauss, Ginberg & Co., Inc.

MAURY

KESSLER,
Wells

Fargo

115

Broadway

New York 6, N. Y.

Members American

KOCH,

Telephone

T eletype

BArclay 7*7631

H Y 1*3636

First

Robinson

Vanderhoef

Bank & Union Trust

Company

Stock Exchange

GENE
Boston

Members National Association

Corporation

of Securities Dealers

LAMPERTI, ANGELO

Lawson,

Levy

<fc Williams

EMMETT

LARKIN,

Becker

A.
Co.,

Incorporated

LARZELERE, JOSEPH
William

R. Staats <te Co.

NASSAU

ST.

Telephone COrtlandt 7-4070

NEW

YORK

Teletype NY 1-1548

THE COMMERCIAL and FINANCIAL

Convention Number

Mr.

Mrs.

Murray

Barysh,

Ernst

Co.,

New

located

(Members

Georgia Security Dealers Association

Atlanta unless

ADAMS, EDWARD R.
Evans As Company, Inc.

AIKEN, Jr., ISAAC M.

" ""l

;

N. Y.

otherwise indicated)

Clement

'ft*?

Kelly, Carl M. Loeb, Rhoades & Co., N. Y.; Erwin Schloss, Carl M. Loeb, Rhoades & Co.,

York

CHRONICLE

Johnson, Lane,

Co., Inc.,

Space &

Savannah

Courts

French

men & lompaiuj

(Mrs.)

Co.

LEONARD

ALLEN,

CAROLINE

ALEXANDER,

Inc.

C'rawioru,

Members

Philadelphia-Baltimore Stock Exchange

ARMSBY, JOHN W.

Wyatt, Neal As
AUSTIN,
J.

The

MOLLIS

Tindall

BAKER

Waggoner

120 BROADWAY

Co.

•

NEW YORK 5, N. Y.

Tel. WOrth 4-3113

Company

Robinson-Humphrey

•

Bell Teletype N. Y.

1-1227

BANKS, Jr., B. DONALD
Courts

As Co.

BANKS,
French

CARROLL E.
As Crawford,

INACTIVES

Inc.

BARRETT, JULIAN N.
Beer As Company

James B. Dean

Roy W. Hancock

James W. Means

CRAIG
Lane, Space

BARROW, Jr.,

Johnson,

As Co., Inc.

Savannah

President: James W. Means, Courts &
Vice-President: Roy W.

Co.

BEAVERS, J. KARY

Hancock, Hancock, Blackstock & Co.

Secretary-Treasurer: James B. Dean, J. W.
Executive Committee: Harrison

Tindall & Company.

Clarke, Johnson, Lane, Space &

Clement A.

rill

Inc.; James

F. Milhous,

Company,

Inc.

ORIGINATORS

GRADY
Robinson-Humphrey Co.

BLACK, Jr., H.

JERRY

BLACKSTOCK,

—

UNDERWRITERS

Clement

LESTER J.
As Company,

Evans

DISTRIBUTORS

—

Hancock, Blackstock As Co.
BLACKSTONE,

Lynch, Pierce, Fenner & Beane.

Evans

Augusta

The

First National Bank; John E.
McClelland, J. H. Hilsman & Co., Inc.; Francis D. Willis, Mer¬
Co.,

Company of Georgia

Trust

BEESON, JAMES T.

Inc.

BLACKWOOD, Jr., W. HUGH

NEW JERSEY MUNICIPAL

The Citizens and Southern National Bank

SCOTT D.
As Co.

BLANCHARD,

Goodbody

Brokers and Dealers in

AND

BOUNDS, JAMES W.
Courts As Co.

BOYD,

Industrial, Municipal, Public Utility and

HUDSON
Space As

Jr., D.

THOMAS J.
Lynch, Pierce,

AUTHORITY REVENUE OBLIGATIONS

Co., Inc.

Johnson, Lane,
Augusta
BRADLEY,

Over-the-Counter Securities

Merrill

Fenner

Beane,

Savannah

SAM

BRANNAN,
Hancock,

Bank & Insurance Stocks

Blackstock

Co.

BRAY, ROBERT M.
Trust
—*—

Company of Georgia

BRAYSHAW, DONALD
Lord, Abbett As Co.

WILLIAM F.

BROADWELL,

G. K. Shields & Go.
New

York Security Dealers

15 William St., New

Association

Co.

1920

HENRY

PINE ST.

TELEPHONE

Goodbody As Co.

NEW YORK 5, N. Y.

BROOKE, BYRON
Byron Erooke As

York 5, N. Y.
Bell System Teletype NY

DIgby 4-9755

Established

Courts As Co.

BROCK,
Member

Boland, Saffin

1-1633

BROOME,

Co.

Bell

WHITEHALL 3-3414

System Teletype—NY 1-535

STOCKTON

Jr.,

Stoekton Broome As Co.

BROWN, HARRY L.
Pruett and Company,

JOSEPH

BROWN,

Courts As

Co.

ARNOLD

BROYLES, NORRIS
Beer

Inc.

Company

Underwriters,

BROYLES,

Brokers and Dealers in

BRUCKNER,

Beer

NORRIS

Jr.,

JACK L.
Lynch, Pierce,

Merrill

ARNOLD

STATE, MUNICIPAL

Company

Fenner

Beane,

and

Augusta
WILLIAM

BRUMBACH,

INDUSTRIAL,

Pruett and

Courts As Co.,

UTILITY

REVENUE BONDS

BRYANT, EVERETT C.
BRYANT,

PUBLIC

Company, Inc.

The

Newnan

FRED

Robinson-Humphrey

Company,

Inc.

BUDD, Jr., JAMES S.
The Citizens and Southern National Bank

GAS

NATURAL

TOWNSHEND

BUDD,
R.

Dickson

Securities

Brooke

Byron

Tel.: WHitehall 3-2900

TT.: NY 1-576

Company
Co.,

Corp.,

Securities

CARTER, Jr.,

BYRNE AND PHELPS
Atlanta
Savannah

CHISHOLM,

New York

Tindall

Philadelphia & Houston

5, N. Y.

Co.

Telephone DIgby 4-2410

FRANK A.

Varnedoe, Chisholm As Co., Inc.
Savannah

Direct wires to Boston,

Incorporated
44 Wall Street

HUGH D.

Courts As Co.

CHESNUT,

Place, New York 6, N. Y.

GORDON C.

Southern

74 Trinity

Co.

CALLAWAY, THOS. M.
Hancock, Blackstock As
CARSON,

Gearhart & Otis, Inc.

FRANK

BURT,

CLARKE, HAGOOD
Johnson, Lane,/Space As Co., Inc.

(Continued

on page

38)

Teletype NY 1-1474

THE COMMERCIAL and FINANCIAL CHRONICLE

Mr.

Mrs.

Dayton

Haigney,

Dayton Haigney & Co., Boston;
& Co., Inc., Cleveland

Edward

Parsons,

L'u-™SJ?;°WrU' AsslStantJ° Pffsident,
Hanseatic
Corporation, New

Parsons

York;

DAVIS,

Georgia Security Dealers Association

LLOYD

Courts 8c

DEAN,

(Continued from

page

37)

The

Inc.

COOPER, HOMER G.
Courts &

COOPER,

Merrill Lynch,

The

Pierce, Penner & Beane

The

Pierce, Fenner & Beane
S.

RoDinson-Humphrey

Merrill

Lunch,

DAVIS,

Company

Pierce,

Fenner

Beane,

ELISE

Courts

Courts 8c Co.

Clement A.

Evans

Grange,

KISER,

Company, Inc.

Co.,

Courts

Hanseatic

LATTIMORE, HARRY W.
Varnedoe, Chisholm & Co. Inc„ Savannah

Company, Inc.

LAY,

Evans

Company,

Inc.

JOSEPH

The

LeCLAIR, WM. F.
Equitable Securities

Ga.

Inc.

MARION
& Co.

LEGGETT, CARROLL
Johnson, Lane, Space & Co., Inc.

LEWIS, WILLIAM W.

KONTZ,

Evans

Merrill

Equitable

Fund,

Trust

Inc.

Company of

Courts

JOHN T.

Lynch, Pierce, Fenner

Beane

Georgia

Co.

LINDSEY, EDWARD H.
Byron Brooke & Company

Company, Inc.

Securities

Corp.

FLEMING, STROTHER
Beer &
Company

Co.

FLEMING, WILLIAM S.
Courts & Co.,
Albany,
FONVILLE, PERCY
Goodbody & Co.

KING & KING

Ga.

Securities

ADRIAN C.
Clement A. Evans

Company, Inc.

FRENCH, J. McCREA
French 8c Crawford,

Specialists in

FROST,
J.

MRS.

Co.,

Inc.

MARGARET

Distributor inquiries

Courts & Co.

All Unlisted Securities

GAY, Jr., EDWARD
Courts 8c

Co.

GINSBERG,
Beer

STOCKS

We invite Out-of-Town Dealer and

Hilsman

GARNER,

BANK and INSURANCE

Inc.

JAY D.

Corp.

EST. 1920

FORD,

PERRY

Company

40 EXCHANGE PLACE

NEW YORK

GLENN, JOHN F.
Citizens and Southern

National

Bank

Telephone: HAnover 2-2772

Bell

GOW, W. F.
Trust

Company

5, N. Y.

Teletype: NY 1-423 & 429

of Georgia

GRADY, Jr., HENRY W.
The

Robinson-Humphrey Company

GRIGGS, Jr., JAMES R.
Thomson & McKinnon.

EDWIN L. TATRO COMPANY
50

BROADWAY, NEW YORK 4, N. Y.

Telephone: DIgby 4-2420
Direct

Teletype: NY 1-3430

Grange

RICHARD M.
Hugh W. Long and Company, Inc.

HANCOCK, ROY W.
Hancock, Blackstock

OVER

Co.

HARRIS, J. RALPH
Goodbody 8c Co.
R.

Enterprise

GROVES,

HEAD,

Telephone

BALTIMORE —BOSTON —HARTFORD:

7846

DIXON R.
Dickson & Co.,

HENRY,

THE

COUNTER

SECURITIES

Inc.

FRANK J.

Courts

Co.

HILL, CARL
Johnson, Lane,

Space

Co.,

Inc.

IIINDSMAN, Jr., D. W.
Johnson, Lane, Space & Co., Inc.

HIRSHBERG, JULIAN R.
Norris & Hlrshberg, Inc.
New Issue

FRANK C. MOORE & CO.

HOFFMAN.

CULLEN J.
Hoffman-Walker
Company,

HOLMES,

VIRGINIA

Columbus

United States

HOPKINS.
Cabell

42 Broadway, New York 4, N. Y.

Courts & Co.

Telephone

WHITEHALL

3-9784-5-6

Teletype

1-2628

CABELL

Hopkins & Co., Columbus

HUBER,

Sulphur&ChemicalCorporation

ARTHUR ANDERSON
Clement A. Evans &

Company, Inc.

380,000 Shares Common Stock

PRIMARY MARKETS

HUGER, WM. E.
Courts

Co.

HULL, J. G.
Merrill Lynch,
Pierce, Fenner & Beane

IIUME, E. STOCKTON

Complete Trading Facilities and Experience

Courts & Co.

Offered

$2.00

per

For

HUNERKOPF, CLOVIS
Trust Company of
Georgia
JACOBS, ROGER M.
Hancock, Blackstock & Co.

JELKS, FREEMAN N.
Johnson, Lane, Space

Co.,

Johnson,

UNLISTED SECURITIES
for

JOHNSON,

Co.,

BROKERS and

DEALERS

Inc.,

VICKERS BROTHERS
Investment

Securities

Merrill

HARRY

Lynch, Pierce, Fenner

JOHNSON, THOMAS M.
Johnson, Lane, Space & Co.,

8c Beane

SIEGEL

Inc.

Savannah

from

BANKS

Space

Savannah

Copies of the

be obtained

Lane,

Brokerage Service in all

Inc.

Savannah

JOHNSON, DAVID

prospectus may

52 Wall

LESSER, NORMAN

Wellington

EVANS, CLEMENT A.

Company,

Corporation

LEE, R. E.
■
•M :./
Wyatt, Neal 8c Waggoner

KNOX, WILLIAM S.

J. B.
Courts & Co.

Clement A.

Robinson-Humphrey

ELLIS,

FELKER, RICHARD

J. Ronan, New York
Corporation, New York

KNELLER, GEORGE C.
Johnson, Lane, Space & Co., Savannah

FRAZER

Hllsman

Augusta

Robinson-Humphrey Company

DURRETT.

Evans

KILPATRICK, Jr., ANDREW

OLIN
A.

York

KEY, R. C.

DULANEY, LANDON C.

DALEY, L. FRANK
Johnson, Lane, Space & Co., Inc.

Co.

COURTS, RICHARD

J.
Clement

New

KABLE, JOHN R.

Co.

Company

DREW,

CROWLEY, CARL A.

COURTS, MALON C.
Courts 8c

WILLIAM

Merrill Lynch,

CROFT, Jr., EDWARD

Co., Athens

WILLIAM

CRAWFORD,

RICHARD

Beer 8c

Savannah

CHARLES THOMAS
"Robinson-Humphrey Company,

Tlndall

DICK, Jr., JACKSON P.

CRAWFORD, Jr., ALLEN C.
French & Crawford, Inc.

COLLINS,

Clement A.
B.

Courts 8c Co.

CRAWFORD, ALLEN
Johnson, Lane, Space 8c Co., Inc.

CLISBY, JOSEPH R.
Clisby & Co., Macon

W. L. Maxson Corp., New York; Frank

Maurice JHart,

JONES, RICHARD K.

Co.

JAMES

DENNY,

ROSTER OF MEMBERS
CLARKE. HARRISON
Johnson, Lane, Space 8c Co., Inc.

Thursday, October 14, 1954

St., New York 5, N. Y

DIgby 4-8040

RAY

CO.

39 BROADWAY

Teletype N.Y. 1-1942

W. Tindall & Co.

JOLLEY, LEX
The

NEW YORK 6, N. Y.

DIgby 4-2370

JOHNSTONE,

Robinson-Humphrey

Company,

Inc.

Convention Number

Lee

LONG,

Staib,

FRANCES

Courts

Geo.

Eustis & Co., Cincinnati; Mr. & Mrs.
Barrow, Leary & Co., Shreveport, La.

INEZ

MASON,

Co.

JAMES
Lane,

Johnson,

Space

Mclntyre

& Co., Inc.

Augusta

LUTTRELL, W. R.

Trust

Courts

Company of Georgia
(Mrs.) JIMMIE NELL S.

MATTHEWS,

Co.

Clisby & Co., Macon

MALLORY,

MANNERS, PAUL E.

McClelland, john e.
J. H. Hilsman & Co.,

First National

Merrill Lynch,

Bank

McCORD.
MARTIN, Jr., JUSTUS C.
The Robinson-Humphrey
MARTIN,

Inc.

Jr., JOSEPH

Company,

Inc.

Columbus,

Kellerman, Alex. Brown

Boyce,

Ga.

Baltimore;

MURRAY

SHOUN,

& Beane

Sons, Baltimore,

William

Roberts,

Jr.,

Md.; Mr. & Mrs. Charles Bodie, Stein
C. T. Williams & Co., Baltimore

ARTHUR

Courts

Clement

Evans

Company,

Inc.,

SITES, CRAWFORD N.
Courts

FONVILLE

McWHORTER,
Courts

SMITH,

Co.

HERSHEL

SMITH,

Lane.

SIDNEY

Clement

STAFFORD,
Clement

Space

Co. Inc.

Norris
&

H.
Company, Inc.

EUGENE
Hirshberg, Inc.

(Continued

Inc.

Company,

Evans

STEINIIAUER, R.

Evans

Inc.

THOMAS

on page

40)

PHILIP

MILLER,

•

Johnson,

MILHOUS, JAMES F.
First National Bank

SPEAS, J. W.
Norris & Hirshberg,

Inc.

& Co.,

Augusta

Co.

JAMES

MEANS,

Savannah

SLATTERY, JOSEPH
Johnson, Lane, Space

Co., Incorporated

& Co., Inc.

& Co.

FINLAY

D.
&

Co.

SPACE, Jr., JULIAN A.
Johnson, Lane, Space & Co., Inc.

Co.

SITES, FRANK B.
Courts

McRAE,

Courts &

SMITH, WILEY J.
Johnson, Lane, Space
Augusta

Co.

Bros.

SMITH. WALTER

Merrill Lynch, Pierce, Fenner & Beane

SIMKINS,

Savannah

McNAIR, HOWARD

Courts

McDOUGAL, PAUL A.
Paul A. McDougal Company,

Evans

Mcduffie, jr., phil c.
Merrill Lynch, Pierce, Fenner

Blair

Inc.

WAYNE

Clement

Pierce, Fenner & Beane

A.
Merrill Lynch, Pierce, Fenner & Beane

Company,

McNEEL, JR., EUGENE E.
J. W. Tindall & Co.

MATTHEWS, ROBERT L.

JR., WALDO W.
Johnson, Lane, Space & Co.

Howard

Leary,

McGAUGHEY, PAUL W.
Equitable Securities Corp.

MATHEWS, Jr., ROBERT C.

Columbus

MADDOX, JOSEPH

THE COMMERCIAL and FINANCIAL CHRONICLE

Hancock, Blackstock & Co.
MILSTEAD, ANDREW J.
Merrill Lynch, Pierce, Fenner & Beane
CAROL

MINOR,
Courts

(Mrs.)

HUNTER SECURITIES

Co.

MONK, GEORGE W.
Clement

Company,

Inc.

CORPORATION

JOSEPH L.
Robinson-Humphrey

MORRIS,
The

Murphy

King

MURPHY,
Norris

NEW YORK 6

Underwriters

Company

Decatur

Co.,

Among

Inc.

Hilsman & Co.,

Wholesalers

Jr., N. BARNARD
Hirshberg, Inc.

MYERS, FRANK J.
J.

Distributors

•

king

murphy,

BROADWAY.

MORRIS. JACK C.
Norris & Hirshberg Inc.

GOLKIN & CO.
61

Evans

our

recent successful corporate underwritings:

J. ROBERT
Wyatt, Neal & Waggoner

NEAL,

•

Atomic Power Uranium

•

Boren Oil and Gas

NEAL, ROY D.

Teletype NY 1-1658

Tel. WHitehall 4-4567

Courts

CHARLES

III,

NEWTON,

•

iiiiiiiiimiiiiiiiiimimiiiiiimimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiifiiiiiiii:

Beer

Courts & Co.

OBERRY,
Merrill

GEORGE

The

Uranium-Pel roleum

Downs, Inc.

Sulphur Corporation

Lynch, Pierce, Fenner & BeaD*

OGLESBY,

Mountain Mesa Uranium

•

NUNNALLY, McKEE

Magnolia Park. Inc.

•

Jr.,

Lone Star

•

GEORGE
Company

NICOLSON,

Cahokia

•

ROBERT H.
Bradford & Co.

Corporation

Co., Macon

NICHOLS,
J.

Corporation

Company of Georgia

Trust

Corporation

LAMAR

Robinson-Humphrey

Company,

Inc.

Company ( Upetco )

OLSEN, OWEN K.
Merrill Lynch, Pierce, Fenner & Beane

Joseph J. Lann Securities,
37

inc.

STREET, NEW YORK 5, N. Y.

WALL

PARKER, LAWRENCE C.
French & Crawford, Inc.

PAULSEN, GROVER C.
Johnson, Lane, Space
FRANK

PEEPLES,
Clement

Telephone WHitehall 3-6344

& Co., Inc.

Savannah

Evans

Inc., Macon

Co.,

SULPHUR STOCKS

PENDERGRAST, T. J.
Courts

Co.

PERKINSON, TOM G.
French

Crawford,

with the

Inc.

Douglas C. Alexander

Joseph J. Lann

PRESTON, Jr., SAMUEL

Wyatt, Neal & Waggoner
PRUETT, CARL A.
Pruett and Company,
GERTRUDE

PRUETT,

nmiiiimnimmiiimmmiiimimiiimiiiiumiHiiiiiiimmmiiiiiimmiiiiiiir:

Pruett

and

Pan American

M. (Mrs.)
Inc.

Gulf

Brooke & Co.

Robinson-Humphrey

REES, HI,
Trust

SPECIAL SITUATIONS

Sulphur

Company,

RAGSDALE, IRVIN T.
The

Sulphur

Mexican Gulf

Inc.

PRUITT, Jr., GEORGE
Byron

Courts

Sulphur Exploration Company

Company

Georgia

We have been identified with these issues

GRADY
Co.

the years.

REVSON. Jr., ALFRED F.
Courts

Sulphur Corporation

Company

REEVES, H.

Uptick Label!

but

Co.

All

are

over

selling at premium prices,

still think they are

undervalued.

REYNOLDS, JOHN C,

Goodbody & Co.

Inquiries Invited

REYNOLDS, A. ZAHNER
Courts

ROBERTS,

LEPOW COMPANY
42

BROADWAY

NEW YORK 4,

NEW YORK

Courts

BEN

L. D. Sherman & Co.

Co.

ROBINSON, ROBY
The Robinson-Humphrey
ROPER,
Pruett

BOwling Green 9-0350

Co.

Member: New York
Company,

CHARLES
and Company,

Pine Street

SETTLE.
J. H.

FLEMING
<fe Co.,

Hilsman

ROYSTON

New York City 5

Inc.

WHitehall 4-5540
SETTLE,

Security Dealers Association

Inc.

Teletype NY 1-2233

Inc.

Hilsman & Co.,

Inc.

BEB55aBBSggSEB2

York; Pete Kosterman, Zilka, Smither & Co., Inc., Portland, Oregon;
Runyan, Hemphill, Noyes & Co., Philadelphia; George Muller, Janney & Co., Philadelphia;
George Dedrick, Joseph McManus & Co., New York

John

Ely Batkin, Batkin & Co., New
Wallace

TRAYWICK,

Georgia Security Dealers Association

Trust

Hilsman

STEWART,
J.

Co., Inc.

Johnson,

Fulton

Inc.

M.
Co.,

Tlllman-Whitaker

Co.,

Tindall & Co.

SAMUEL
Chisholm

L.
&

Co.,

Inc.

WAGGONER, T. REUBEN
Wyatt, Neal & Waggoner

Athens

TINDALL, JULIAN W.

Inc.

FRANK

National

VARNEDOE,
Varnedoe,

-7?

CHAPPELL

Lane, Space &

!R.,

THOMAS

TILLMAN,

Savannah
TAYLOR,

Florida Security Dealers Association

Savannah

Hilsman & Co.,

SUMMERS,

SIDNEY S.
Courts & Co., Athens

THOMAS,

of Georgia

VARDEMAN, O. C.

-ROSTER OF MEMBERS
E.

STEWART,

Co.

Hudson,Thayer, Baker & Co., Philadelphia; Virginia Lee, Stroud & Company, Incorporated,
Philadelphia; John J. Zollinger, Jr., Scharff & Jones, Inc., New Orleans;
Lucille Farrell, H. G. Kuch & Co.,
Philadelphia

UNDERWOOD, L. DEAN
Norrls & Hlrshberg, Inc.

(Continued from page 39)

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Tindall

TOMPKINS, HENRY B.
The Robinson-Humphrey

Bank

WALKER, A.

Co.

CURTIS

Hoffman-Walker

WALKER,

Company,

Inc.

Company,

Columbus

HAROLD

Hilsman

Inc.

Co.,

WALKER, SAMUEL G.
J.

Hilsman

Inc.

Co.,

WALLACE, Jr., ROY W.
Merrill Lynch, Pierce, Fenner & Beane
WALLS, JAMES WALLACE
The

DISTRIBUTORS

UNDERWRITERS •

Robinson-Humphrey Company, Inc.

WATSON, THOMAS C.
Pruett and Company, Inc.
WEIRAUCH,

DEALERS

Courts

WELLBORN,
Courts

Clinton T.

MARSHALL

President:

Robinson-Humphrey Company,

Inc.

Courts

Batkin

CO.

GEORGE

Co.,

WHITAKER,
30 BROAD

WHITE,

TELETYPE NY 1-1965

Albany

JAMES

Co.,

Athens

WHITTLESEY, GEORGE
Courts & Co., Albany
WIEGAND,

SYRACUSE AND

SERVICE TO

WILLIAMS,

JR.,

HIGH

INSURANCE

STOCKS

PRODUCING

INCOME

GRADE

FUNDS —PUBLIC

MUTUAL

INDUSTRIALS

FRANCIS

Clement

ALLEMAN,

Evans

IV,

Spencer,

MONROE

DON

ALEXANDER

& Hough,

St.

Leedy, Wheeler & Alleman, Inc.,

S. Dickson & Co., Inc.,

ALLEN, J. EVERETT
Allen & Company, Lakeland

Columbus

Atlanta, Ga.

BAREN,

BARNES, DAVID

Allen &

Inc.,

Co., Tampa

ATWILL, JR., WILLIAM
Atwill and Company, Miami Beach

Orlando

Inc.

Co.,

Arries &

ATKINS,

ALLEN, R. C.

Atwill

WILLIAM
and

Company, Lakeland

Ranson-Davidson Co.,

Inc., Coral Gables

BARB, TRACY B.

ANDERSON, WALTER T.
Anderson Cook Company, Inc.,
Palm

Company, Miami Beach

Nelson

O'Rourke,

Inc.,

Daytona Beach

Beach

Washington St.

IIIIIIIIIIIIIIIIIIIIIIIIIIIBIIfllllllllllllllllllllllllllllllllllllllllllllllllllllllllH!^

SYRACUSE, N. Y.
Tel.;

O'Rourke, Inc., Daytona Beach

Company, Inc.

WILLIAM

Zimmerman

Evans, Beil

ARRIES,

WELLES

T. Nelson

Robinson-Humphrey Company,

ZIMMERMAN,

E. W. SNYDER & CO.

Herbert

ROSTER OF MEMBERS
ADAMS,

Merrill Lynch, Pierce, Fenner & Beane
WISE, Jr., LAMAR M.
Merrill Lynch, Pierce, Fenner & Beane

The

Inc., St. Petersburg.

Company, Inc.

WOOLFOLK, JOHN C.

UTILITIES

Co.,

Alleman, Inc., Orlando; Ted S. Mischuck, Leedy, Wheeler &
Alleman, Inc., Orlando; George M. McCleary, McCleary & Co.,

W. Tindall & Co.

YEARLEY,

120 E.

Committeemen:

National

Lynch, Pierce, Fenner & Beane

WILLIS, EUGENE
WILLIS.

LIFE

JOSEPH

Wilson C. Holt, Goodbody &

Hough, St. Petersburg;

Petersburg, Chairman; Loomis C. Leedy, Jr., Leedy, Wheeler &

FRANK
Athens

Clement A. Evans

Courtney, Merrill Lynch,

Beach.

Co.,

Merrill

★

George Carrison, Pierce, Carrison, Wulbern,

WILLIAMSON, II, JAMES J.

CENTRAL NEW YORK INVESTORS
★

Jr.,

Inc.,

Tampa; T. Nelson O'Rourke, T. Nelson O'Rourke, Inc., Daytona

MARIE O.
Tindall & Company

HENRY O.
Varnedoe, Chisholm & Co., Inc., Savannah

Company,

Pierce, Fenner & Beane, Jacksonville; J. Herbert Evans, Beil

WHITTINGTON,

OVER 25 YEARS

Vice-President: H.

Governors: The officers and William M.

MRS.

Courts

Ft. Myers.

PINCKNEY

Tlllman-whitaker

WHITEHALL 3-3388

STREET, NEW YORK 4, N.Y.

McCreedy, McCreedy

Secretary-Treasurer: Howard W. Freeman, H. W. Freeman & Co.,

Co.

WHELCHEL,
Courts

Co.

Courts

Clinton

Inc., Jacksonville.

WESTBROOK, LEONA
WEYMAN,

Howard W. Freeman

George Carrison

Miami.

Co., Rome

WELLS, JAMES WALLACE
The

McCreedy

CHARLES F.
Co., Athens

2-0401

Teletype SS-198

well directed

of Stockholder Relations—especially if it is prop-

There is tremendous business-building power
program

Specialists
&

DOOLITTLE
Established
MEMBERS

MEMBERS

NEW

YORK

AMERICAN

1919
EXCHANGE

STOCK EXCHANGE

(ASSOC.)

for

Successful

"name status" in the Securities Community.

handling corporate relations with stockholders

corporation

and with members of the' financial community are
nized—as is the

reader attention—and capable of earning

to attract

Our methods of

STOCK

erly geared

story to

simplicity with which we present each

recog-

client's

the investment opinion-makers across the country.

Primary markets in all securities

of Buffalo and Western New York

helped by

you

well

would like
our

to see

how

your company can

be beneficially

organization, write or call for appointment.

E
E
r

Stockholder
LIBERTY BANK

BUILDING

NIAGARA
Direct

TUCKER,

GOLDMAN,

SACHS

LOCKPORT, N. Y.

ST., BUFFALO 2, N. Y.
Private

ANTHONY

itklin

do wi

2, N. Y.

Bell Teletype BU 46

RIALTO BUILDING,
70

BUFFALO

•

Telephone Washington 4970

Wires

CO.,

Relations
stockholder relations

NEW
NEW

YORK

CITY

YORK

Tel.: WOrth 4-4856—4-4897

•

100 Broadway, New York 5, N. Y.

CITY

llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

S. Edward Dawson-Smith, Cruttenden & Co., New

York; Milton J. Isaacs, Straus, Blosser & McDowell,
Chicago; Herman J. Zinzer, Dempsey-Tegeler & Co., St. Louis; Barney Nieman,
Carl Marks & Co., New York

BARROW, JR., CRAIG
Johnson, Lane, Space & Co.,
Savannah, Ga.

CLAYTON

Thomson

DYER,

St.

Petersburg

Thomson

Bell & Hough, St. Petersburg

Ft.

Beane,

JR.,

Atwill and

Inc., Winter Park

HAGOOD

COGGIN, ROBERT W.
Thomson

Miami

T. Nelson O'Rourke, Inc., Daytona Beach

J. Van

Ingen

<fc

Inc., Miami

Co.,

COOK, THOMAS M.

Sarasota

Thomas

CALDER, HUGH C.

Cook

Palm

Beane,

The Atlantic

& Beane,

CARRISON.

Pierce,

Carrison,

National

Bank

of Jackson¬

ville, Jacksonville

Wulbern,

Inc.,

DAVIS,

Jacksonville

Davis &

Co., Miami

LOCA,

Merrill

Ft.

CHARLES H.
Lynch, Pierce, Fenner

Freeman

Beane,

DICKSON,
A.

WILLIAM R.

Kidder

Jr., Company
Chicago

Cerf,

FRANCIS

Clearwater

DUELL, CLAUDE J.
Thomson &

Childress and Company,

Co.,

Sarasota

Thomson

McKinnon.

Company,

Jr.,

PORTER
Pierce,

Lynch,

Fenner

KUHN,

Davis

Co.,

Kidder & Co., Tampa

Kidder

Thomson

Petersburg

Miami

McKinnon, Orlando

LINK, JR., HARRY W.

LOMBARDO, JOSEPH P.
Stubbs, Smith & Lombardo,

225 EAST

BROAD STREET

HUKLE, JOSEPH F.
Merrill Lynch, Pierce, Fenner & Beane,

MARTIN, T. WAYNE
Clement A.

Atlanta,
MATHEWS,

McKinnon, Ft. Lauderdale

ISAACSON, OSCAR
Merrill Lynch, Pierce, Fenner & Beane,

Evans

Company, Inc.,

Ga.

Jr., R.

Trust Company

of Georgia, Atlanta

McADAMS, RAYMOND F.
Oscar E. Dooly & Co., Miami

(Continued

Miami Beach

on page

ALBERT C. JONES ASSOCIATES

ill
WESTFIELD, NEW JERSEY

CONSULTING ENGINEERS

j
I

:imi

<103
«?

Telephone Westfield 2-6322
TWX WSFD

NJ 126

SPECIALIZING IN

TURNPIKES

—

THRUWAYS

—

PARKWAYS

SPECIALISTS

AND EXPRESSWAYS

Uranium

Securities
%

TELLIER & CO.
1

EXCHANGE PL., JERSEY CITY 2, N. J.

Telephone DElaware 3-3801

N. Y. Phone DIgby 4-4500

Teletype J Cy 3887

Inc.,

Birmingham

HULETT, WILLIAM B.

Pierce, Fenner Si Beane,

Bradenton

A. M. Kidder & Co., Miami

Miami Beach

DAVID

Co.,

LEWIS, NATHANIEL L.

HUGHES, THOMAS
Thomson & McKinnon, Tampa

Thomson &

LEEDY, Jr., LOOMIS C.
Leedy, Wneeler & Alleman, Inc.,
Orlando, Fla.

Palm Beach

George W. Cunningham & Co.

Beane.

OLIVER W.

I.AHAN, RALPH A.

Inc.,

Pensacola

HUEY, GRANT S.

GARNER, J. FRANKLIN
Welsh, Davis & Co., Lakeland

Beach

JAMES

Merrill

HOUGH, WILLIAM R.
Beil & Hough, St. Petersburg

Paxil

GAITHER, T. RAY
Goodbody & Co., St. Petersburg

Palm

DUSKIN, JOSEPH H.

Jacksonville

KING,
Co., Miami Beach

HOWARD, WILLIAM R.
Thomson & McKinnon, St.

FREDERIC R.
Securities Corp., Tarrytown, N. Y.

Lynch,

Goodbody & Co., St. Petersburg

HOUSTON, HUBERT. T.
Goodbody & Co., Tampa

Co., Ft. Meyers

Kidder & Co.,

Merrill

KELLY,

HERMAN

GERLI,

McKinnon, St. Petersburg

R.
Evans

Inc., Miami

HOPPER, HARRISON
Goodbody & Co., Clearwater

Pierce, Fenner & Beane.

Inc., Miami

Goodbody & Co., Tampa

Co., Ft. Lauderdale

FREEMAN, ROBERT T.

Axe

Lauderdale

Company

Incorporated, Miami

CHILDRESS,

HOLT, WILSON C.

Sarasota

Co.,

CERF, JR., FLOYD D.
D.

JOHN

Clement

RALPH D.

Kidder &

Jacksonville

GAISER,

CERF, FLOYD D.
Floyd D. Cerf. Jr.,

Incorporated,

Company

Atlanta

B. J. Van Ingen & Co.

Security Associates, Inc., Winter Park

CATES,

Floyd

Kidder

DeLand

Van Ingen & Co.,

JESTER, DeWITT T.
Thomson & McKinnon, Tampa

KABLE,

HODGE, EDWARD C.

Cook

Beach

Johnson, Lane, Space & Co., Inc.
Savannah, Ga.

Chicago

Kidder & Co.,

HOLLOWELL,
Co.,

Co.,

GEORGE A.

Miami

St. Petersburg

GADE,

DeLANO, OSCAR L.
Goodbody

W. H.
Tallahasee

Inc.,

GUNBY, D. KIRK

B. J.

EMERY
Oscar E. Dooly & Co., Miami

PAUL A.

Paul A.

CARSON, Jr., ROBERT B.
Thomson & McKinnon, West Palm Beach

Allen

Palm

JOHNSON, THOMAS M.
&

Nuveen

A. M.

Thomas
W.

GRIGSBY, WILLIAM A.

I1ASZ,

FREEMAN. HOWARD W.

CROUCH, LEO P.
Thomson & McKinnon, Jacksonville

GEORGE

ALLEN C.
Ewing &

EWING,

FOISY, M. L.
Merrill Lynch,

Jacksonville

EDWARD

EVANS, J. HERBERT
Beil & Hough, St. Petersburg

CRANFORD, JAMES A,

Fenner

Beane,

FLINN,

Beach

CARRERE, HENRY M.
Merrill Lynch. Pierce,

EWING, CLAUDE M.

Company,

COURTNEY, WILLIAM M.
Merrill Lynch, Pierce, Fenner
Fenner

Fenner

Pierce, Fenner & Beane.

Palm Beach

A. M. Kidder Si Co., Tallahassee

CARDEGNA, JOHN
Merrill Lynch, pierce,

Lynch,

Beane,

Robinson-Humphrey Company,

John

Gordon Graves & Co.,

COOK, ROBERT H.

& Co.,

Pierce,

St. Petersburg
ENGLISH.

McKinnon,

BRAYSHAW, DONALD B.
Lord, Abbett & Co., Atlanta, Ga.
Kidder

The

& Company,
Rahn,

JACKSON, EDGAR W.

Fenner Si

Atlanta

Beach

Merrill

COLEY, MARION H.

BRUNDAGE, CHARLES F.

Lynch,

JOSEPH J.
Lynch, Pierce,

Miami

GRADY, HENRY W.

Company, Miami

RAYMOND J.

EMERSON, W. A.

Company, Miami Beach

BRADY, EUGENE P.
Thomson & McKinnon, Miami

A. M.

ELLIOTT,
Palm

G. L.

Security Associates,

Merrill
./

Thomson & McKinnon, Jacksonville

CLARKE,

Lauderdale

BLEDER,

EDWARDS, W. RAY

Merrill

CHURCHILL, WALTER R.

BENNETT, W. K.
Merrill Lynch, Pierce, Fenner

GIVENS,
.

Atwill and

Coral Gables

McKinnon,

Doyle, Doyle, O'Connor & Co., Chicago; Arthur E. Farrell, H. M. Byllesby
Incorporated, Chicago; Edward Roob, Salomon Bros. & Hutzler, Chicago; Fred
The Illinois Company, Chicago

Pierce, Fenner & Beane,

Orlando

CHRYST, RICHARD S.

Jr., FREDERIC C.

Robert

J. B.

Merrill Lynch,

McKinnon, Orlando

CHRYST, JOHN M.
Thomson & McKinnon, Daytona Beach

BEATON, R. A.
McCleary & Co., Inc.,
BEIL,

CHRYST,

MOUNT HOLLY # NEW JERSEY

42)

Mr.

FINANCIAL CHRONICLE

THE COMMERCIAL and

Mrs. Wilfred

Florida

Mr.

Conary, G. H. Walker & Co., Providence, R. I.; Mr. & Mrs. Leo F. Newman,
American Securities Corporation, Boston

NEWMAN,

Newman

Mrs.

Richard

FRANK D.

Frank

Security Dealers Association

Co.,

Miami

NOEL,

ROSTER OF MEMBERS

McCLURE,

MORGAN.

Louis

LOUIS

Orlando

Co.,

Merrill

Tampa

McCreedy <fc Company, Inc., Miami
PAUL

Beach

Ingen

Oakes

Inc.,

Orlando

Shaver &

Miami

"Duke"

Lynch,

Pierce,

Fenner

Beane,

Lauderdale

SPACE,

Inc.,

St.

JR., JULIAN A.
Johnson, Lane, Space & Co., Inc.,
Savannah, Ga.

Petersburg

MORGAN

Co., St. Petersburg

STEVENS,

ERNEST

;

Merrill

Miami

READ,

O'Rourke, Inc., Daytona Beach
HARRY

Kidder

CARL

Palm

Co.,

St.

Petersburg

PIERCE,

Pierce,

Beanr,

EDMUND

Kidder

CLYDE

Miami

Jacksonville

Wulbern,

Inc.,

GEORGE

Smith

Birmingham,

Petersburg

Pierce,

Fenner

Beane,

TERRY, LINTON H.
A.

ALFRED

Kidder &

Co.,

Co., Ft.

St.

Kidder & Co., Lakeland

Thomson

Myers

McKlnnon,

Tripp & Co., Inc., New York City

Petersburg

I'FFORD, HENRY M.

VALENTINE, KIMBALL

Calvin, Bullock, Ponte Vedra

ALEX

Co.,

Vance,

Orlando

<fc

John

Beane,

Orlando

VAN

Thomson

<Sc

Atwill

Cook

NY 1-1467

CLIFFORD

Merrill

Lynch,

Merrill

UNDERWRITING

Ft.
—

DISTRIBUTING

—

TRADING

Co.,

St.

Petersburg

Fenner

Beane,

Shaver

Beil

Canadian Securities

Pierce,

Fenner

WILEY,
&

Beane,

SHAVER,

STANLEY

Williams

BONDS

SMITH,

Co., St.

Sanders

Petersburg

Provincial,

Corporation—External

Municipal

and

Fenner

Beane,

Co.,

St.

Petersburg

FREDERICK
Investment

Company,

WILLIAMSON, JR..
Merrill Lynch, Pierce, Fenner & Beane,
Lauderdale

Ft.

WINTERS, JONATHAN H.
Company,

New

Gordon Graves &

York

WRIGHT

BURTON

GARLAND

Co., Miami
P.

A. M. Kidder & Co.,

Orlando

Government,

Co., St. Petersburg

Jacksonville

SHAW, HERBERT I.
Vance,

JR., JOSEPH N.

Lynch, Pierce,

Goodbody

SR., STANLEY C.
& Co., St. Petersburg

Shaver

JAMES K.

WILLIAMS,

Hough, St. Petersburg
JR.,

GEORGE

Miami

HAROLD

FLOYD

Merrill

Dooly & Co., Miami

Shaver &

Inc.,

WHITEHEAD, CLINTON S.

Lynch,

SHAVER,

JR., MILES A.
Smith & Lombardo,

WHEELER,

Pierce,

Lauderdale

SHAVER,

Beane,

R. S. Dickson &
Co., Inc., Atlanta
WHEELER, HOWARD S.
Leedy, Wheeler & Alleman, Inc., Orlando

SALLERAS-LLINARES, JUAN
Oscar E.

Fenner

WEYMAN,

Jacksonville

SCHULER,

Pierce,

Inc.

Company,

Palm Beach

Ranson-Davldson

TWX:

JOHN

Lynch,

Birmingham, Ala.

SALKAY, ZOLTAN

DIgby 4-3870

Boston

Co., Chicago

Beach

Stubbs,

Beach

Anderson

SADLER,

WATKINS,

Company, Miami

RYN,

Palm

Miami

Company,

EDWARD

Nuveen

Merrill

McKlnnon,

ROGERS, ROBERT C.

ROPER,

Sanders &

VALLELY,

Fenner

ROGERO, A. C.

Street, New York 5

Miami Beach

TRIPP, JEROME C. L.

RIFLEY, GEORGE N.
Sharer

THROM, HAROLD J.

ROBINSON, HUGH B.
Merrill Lynch,
Pierce,

37 Wall

Inc.,

SULLIVAN, JAMES B.
Sullivan, Nelson & Goss, Inc.,

Tampa

Lauderdale

Grimm

Benton, inc

Lombardo,

Ala.

ROBINSON,

Burns Bros. &

Myers

Lynch,

REYNOLDS,
A.

Carrison,

JR.,

Stubbs,

Co., St.

Ft.

W. Palm Beach

Ft.

McKlnnon.

STUBBS,

REINHARDT, C. L.
Goodbody & Co.,
REMILLARD,
Merrill

CECIL

Thomson

W. Palm Beach

Fenner

Beach

PEPPER,

Pierce,

Lynch,

Goodbody & Co.,

ROBERTS, Jr., ALBERT
Goodbody & Co., St. Petersburg

Tel.:

Hunter,

SOBODA, Jr., EDWARD M.
Gordon Graves & Co., Miami

PRESCOTT, BARNARD
A. M. Kidder & Co., Tampa

NELSON
T. Nelson O'Rourke, Inc., Daytona Beach

Co., Jacksonville

ARCHIBALD

JR.,

NELSON,

Inc.,

Co.,

POWELL, W.

LOWELL

& Company,

O'ROURKE,

Sullivan, Nelson & Goss, Inc.
& Co.,

Co.,

PIERCE, THOMAS

Merrill
Ft.

Wulbern,

City, Utah;
N. J.

City,

SMITH,

Carrison,

McCleary

OAKES, MARY SUE McCULLOCH

Beane,

Kidder &

Nelson

NEAL,

MILLER, F. BOICE
Van

Jr.,

OAKES,

Inc., Orlando

PEARSON, JAMES

MERKEL, J. CURTIS
Goodbody & Co., St. Petersburg
J.

Pierce, Fenner

JOHN

MORRISON,
T.

McNICHOL, HERBERT T.
A. M. Kidder & Co., Miami

Lynch,

MORLEY,

Equitable Securities Corporation, Atlanta

Pierce,

Lake

KNEALE

Miami

McCREEDY, CLINTON T.

McGAUGHY,

Inc.

Kidder

Oakes & Company,

McClure

PAUL L.

Jacksonville

ROBERT

NOWELL,

MISCHUCK, TED S.
Leedy, Wheeler & Alleman,

Whitney & Company, Salt
Hunter Associates, Jersey

PIERCE, ROBERT J.

W. J.

The Crummer Company,

McCLEARY, GEORGE M.
McCleary & Co., Inc.
St.
Petersburg

Whitney,
Wellington

Leedy, Wheeler & Alleman, Inc., Orlando

ROBERT E.
A. M. Kidder & Co., Coral Gables

NEWMAN,

(Continued from page 41)

PIERCE,

Thursday, October 14, 1954

SMITH, HENRY M.
Stubbs, Smith & Lombardo,
Birmingham

WULBERN.

Inc.

Pierce,

Ft. Lauderdale

Carrison,

Wulbern,

Inc.,

Jacksonville

Internal

STOCKS
Orders Executed
at

Canadian Exchanges

regular commission

rates

CANADIAN SECURITIES
We

offer

extensive

all Canadian securities
and prompt

Affiliated with:

investment

service

execution of orders in American funds.

Our Canadian affiliate maintains offices in

Burns

Bros.

Denton

including latest quotations

Canadian cities and

leading

coast-to-coast wire service.

Limited
Mejnbers:

The

Investment

Association

Dealers'

of Canada

Canadian Affiliate
W. C. Pitfield &

Burns Bros. &

Company Limited
Members:

The

Toronto

Stock

Exchange

Company

Limited
Montreal

W.C. Pitfield & Co., Inc.
30

Halifax

Saint John
.

Moncton

BROAD

STREET

NEW YORK 4

Ottawa

Cornwall

Toronto

•

Montreal

•

Ottawa

•

Winnipeg

Toronto

Winnipeg
Calgary

Edmonton

Vancouver

Phone
HAnover 2-9250

Teletypes
NY 1-1979

NY 1-3975

THE COMMERCIAL and FINANCIAL

Convention Number

Mr. & Mrs. Walter C.

Gorey, Walter C. Gorey Co., San Francisco; Mr. & Mrs. Jack I. Rohde,
John R. Lewis, Inc., Seattle

Pittsburgh Securities Traders Association

CHRONICLE

Russell

Gordon

Powell

JAMES

Blair & Co.,

PAUL

& Lynch

HULME, MILTON

Incorporated

HUNTER, FRANK
McKelvy

Kenneth Moir

Joseph H. Sullivan

Day

Vice-President:

Paul

Day,

& Co., Inc.

Johnson

Inc.

■.

Secretary: Joseph H. Sullivan,

Cunningham, Schmertz & Co., Inc.

Frank M. Ponicall, Jr., Singer, Deane
Scribner; Samuel H. Teresi, Thompson & Taylor, Inc.; A. »E\

Moore, Leonard & Lynch;
&

and

Simpson, Simpson, Emery &

Reed,

Co., Inc.; Eugene H. Lear, Reed, Lear & Co.
Sweitzer, E. E. Sweitzer & Co., Inc.; George

Lestrange, Arthurs, Lestrange &

GLEESON, Jr.,
Walston

Graham

LOOS,

WALTER H.
& Co.,

BABBITT,
W.

Reed, Lear <fc Co.

JAMES J.
Cunningham, Schmertz & Co.,

ANFANG,

Babbitt

BARBOUR,

Inc.

Merrill

APPLEGATE, A LOWRIE
Hulme,

BEAR,

Applegate & Humphrey, Inc.

Kay,

DUANE

Lynch,

Richards

BODELL, G.

Arthurs, Lestrange & Co.

JAMES
&

SCOTT, JAMES H.
James

Scott

Co.

SCRIBNER, JOSEPH M.

GEORGE P.

Deane

Singer,

Co.

McKelvy

Co.

Scribner

GEORGE W.

SHERIDAN,

Company

SIMPSON, WILLIAM G.
Simpson, Emery & Co., Inc.
STEELE, HARRY J.

Steele &

Co.

STEPHEN W.
Fla. (Honorary)

STEINECKE,

Co.

Sarasota,
MARONEY.

FRANKLIN

Blair & Co.,

Company

Inc.

Company

(Continued on page 44)

Incorporated

Pierce,

Fenner

& Beane

Co.

CLIFFORD

Cunningham,
Parrish

Walston

Company

S. LEE

ARTHURS, ADDISON W.

AUSTIN.

JOHN

ROSTER OF MEMBERS

WM.

GURCAK, FRANK J.
Thomas

ACKERMAN,

Co.

Fauset,

1953; Took Office: December 4, 1953; Term

Expires: December, 1954.
—

McKelvy

LONSINGER, EUGENE W.
Reed, Lear & Co.

GEORGE H.

Co.

& Lynch

SCHUGAR, MAX N.

Peoples First National Bank & Trust

Co.

Erie, Pa.

Cunningham, Schmertz & Co.,

Company

LEWIS, GUY W.

Pa.

GRAHAM, E. W. STERLING

Elected: December 4,

Lear &

Reed,

Co., Inc.,

Company

Moore, Leonard

LESTRANGE, GEORGE
Arthurs, Lestrange & Co.

New Castle,

Co.

SCHMERTZ, ROBERT

Lear &

SATLER, Jr., FRANK

LEATHERBURY,

GENKINGER, JACK M.
J. M. Genkinger & Co.,

Richards

LEAR, JAMES C.
Reed, Lear & Co.

RICHARDS, JR., RALPH S.

Inc.

Masten &

Reed

Reitzell,

Co.

LEAR, EUGENE

FOLEY, WILLIAM R.
Reed, Lear & Co.

Powell

REITZELL, CARROLL F.

& Grubbs
&

EDWARD

KOST,
A.

Co.

POWELL, ELMER E.

Reed. Lear & Co.

Jenks, Kirkland & Grubbs

National Committeemen: William G.

Stuart
JOHN

KLIMA,

GUY

Lear &

Reed,

Johnson

H. SHELDON
Richards & Co.

PONICALL, Jr., FRANK M.
Singer, Deane & Scribner

Johnson

KIRKPATRICK,

Comnany

Singer, Deane & Scribner

Jr.,

Claybaugh & Co.

TARRY, HERBERT B.

WILBUR

Kirkland

Halsey,

EVERSON, RICHARD
Reed, Lear & Co.

GAMBLE,

Tomasic, Thomas & Co.

Alternates: Earl E.

Childs

FISHER, CHARLES

Reed, Lear & Co.; James E. Crehan,

C. Lear,

James

Kay,

KELLEY, BERNARD

EMERY, JOHN L.
Simpson, Emery & Co., Inc.

Moir, Chaplin & Co.

Treasurer: Kenneth

Directors:

JOHN N.

Elmer

& Lynch

Co.

HAROLD M.

Jenks,

DOYLE, ROBERT

Humphrey,

Hulme, Applegate &

Company

PARKER,

JOHNSON, Jr., WILBUR E.

KEIR,

DORBRITZ, ERNEST O.

President: Earl E. Sweitzer, E. E. Sweitzer

Company

Johnson &

Company

Leonard

McKee

NUTTALL, RICHARD V.
Singer, Deane & Scribner

Chaplin and Company
JOHNSON,

FREDERICK H.
Singer, Deane & Scribner

Moore,

INGRAM, PAUL

DONNER,

Paul A.

MUZA,

Hulme, Applegate & Humphrey, Inc.

DODWORTH, W. STANLEY

Earl E. Sweitzer

Blair

and

MOIR, KENNETH
Chaplin and Company

Hulme, Applegate & Humphrey, Inc.

DEAKINS, ROBERT G.
Reed, Lear & Co.
Chaplin

METZMAIER, Jr., ALBERT J.
Mellon National Bank & Trust

HUMPHREY, ARTHUR F.

ROGER

JOHN

& Scribner

CARL S.

McKEE,

Parrish & Co.

Hulme, Applegate & Humphrey, Inc.

DeCOURSEY,

Deane

JOHN W.

HOY,

Company

CUNNINGHAM,

DAY,

Co.

DANIEL J.

Chaplin and

Singer,

McGUINESS, FRANCIS J.
Chaplin and Company

HEFREN, ARTHUR R.

Leonard

Moore,

CULLINAN,

McCONNELL, W. BRUCE

Chaplin and Company

Mrs. John Meyers,

Co., Detroit; Mr. &
New York

HOWLEY, WALTER L.

CARTER, SAMUEL C.
Elmer

&
Co.,

& Company

Thomas

ALBERT R.
Watt & Schoyer

CREHAN,

HARRISON, JOHN T.

HOWARD J.
Howard J. Burgwin & Co.

Preston,

Graves

Cunningham, Schmertz & Co., Inc.

BURGWIN,

ROY

HAMSHER,

BUFFINGTON, Jr., JOSEPH
Arthurs, Lestrange & Co.

CARTER,

Livingstone, Crouse

Hastings, S. R.

Schmertz & Co., Inc.

SHIRLEY

STOCKS

BONDS

BROWER, W. BRUCE

Co.

Canadian
Investment Securities

MARKETS maintained
A. E. Ames & Co.

;

Limited

Exchanges,

PRIVATE

WINNIPEG,

Montreal Stock Exchanges

the Montreal and Toronto Stock

net New York

DIRECT

A. E. Ames & Co.
Members Toronto and

external

and internal bond issues.
Stock orders executed on

UNDERWRITERS AND DISTRIBUTORS

OFFICES IN 14 CITIES IN

in all classes of Canadian

WIRES

CALGARY,

markets quoted on request.

TORONTO,

MONTREAL,

VANCOUVER, AND VICTORIA

BELL SYSTEM TELETYPE NY 1-702-3

CANADA AND ENGLAND

Bomimom Securities Corporation
A. E. Ames & Co.
Associate Member

Incorporated

New York

Boston

EXCHANGE

Canadian

Affiliate — Member Toronto, Montreal and Canadian
■

Ottawa

BUSINESS ESTABLISHED 1889

PLACE, NEW YORK 5

Telephone WHitehall 4-8161

London, Eng.

Calgary

American Stock Exchange

Toronto

Boston

Philadelphia

Stock

Exchanges

Montreal

Winnipeg
Vancouver
Halifax

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Weeden

Mr. & Mrs. Walter R. Johnson, G. A.

Mrs. Edw. Parsons, Cleveland; Lawrence S. Pulliam,

Joseph Smith, Newburger & Co., Philadelphia;
&

Los

Co.,

Lester,

Angeles

WOLFE, JOHN
Kay, Richards & Co.

(Honorary)
WARD,

NORMAN B.

Ward

Norman

Walston

NORMAN

Jr.,

WARD,

ROSTER OF MEMBERS

WOODS,

Co.

Frank

TERESI,

SYDNEY

Cryan

Stout

TIERNAN,

Stubner

STL'REK.
Mellon

TITUS.

National

SULLIVAN.

Bank

JOSEPH

Trust

EARL

Sweitzer

First

Stroud

Boston

FRED
&

Corporation-

Bank

FRED

Merrill

Schoyer

Trust

Co.

Fenner

Beana

Co.

Security Traders Association of Detroit

Schmertz & Co., Inc.

And

/.'•••*?

Company

McDonald-Moore & Co.

CLARK, WILLIAM E.
Straus, Blosser & McDowell

Michigan, Inc.

CLUTE, MINTON M.
Straus, Blosser & McDowell
CODY, WM. F.
S. R. Livingstone.

S. AUSTIN
Masten & Co.

CHAPEL, HAROLD R.

UMSTEAD,
A.

Company

Michigan Corporation

Don W. Miller &,

TUNNELL. PAUL

TAYLOR, RAYMOND M.

CARR, HOWARD F.
Carr & Company
CAVAN,

McKelvy & Co.

Inc.

ANTHONY
O'Donnell

First of

Pierce,

Schoyer

Thomas

Co.

CAMPBELL, DOUGLAS H.
•

ROGER

Lynch,

Co.

ZINGERMAN,

Incorporated

CALICE,

National

Walston

Company,

TOMASIC, ANTHONY E.

Co.,

Watt

Cunningham,

Co.

Cunningham, Schmertz & Co., Inc.
SWEITZFR.

Watt

Preston,

Co.

FRANK

The

WILLEY,

Bennett

Watling, Lerchen & Co.

Co.

Jr.,

HARRY B.

Manley,

TIERNAN, Jr., FRANK M.

CHRISTIAN J.
&

FRANK

Preston,

Co.

STUBNER.

SAMUEL

Thompson <fc Taylor Co.

Co.

YOUNG,

JOHN

Mellon

WETMORE; ROBERT O,
STOLACK.

BURROWS, HAROLD J.

Norman Ward & Co.

(Continued from page 43)

STOUT, FREDERICK L.

BUCKEL,

WOLFERS, PHILIP

WILLIAM

VORSANGER,

Pittsburgh Securities Traders Association

Saxton & Co., Inc., New York; Joseph F. Gallegos,
Ryons & Co., Los Angeles

COEN.

JOSEPH

Bache
COLE,

ROBERT A.
Lynch, Pierce,

Merrill

CORDEN,

& Co.

Crouse

Co.

PETER

Fenner

Beane

Paine, Webber, Jackson & Curtis
CRANE,

McDonnell

Canadian Securities

Co.

CREECH, DONALD I.
Manley, Bennett & Co.
CROOKSTON, RALF A.
Hornblower & Weeks

Government

DANIELS,

Provincial

Municipal

Charles

William

Brown

Parcells

President: William

Co.

DENNEY, WILLIAM B.

Harold J. Burrows

Roy F. Deianey

A.
DE

Municipal Bonds

DELANEY, ROY F.
Smith, Hague, Noble

Public Utility

American

JOHN

Kidder &

Co.

YOUNG, NEIL
Young-Tornga Co., Grand Rapids

Brown, Baker, Simonds & Co.

Vice-President: Victor

GEO. C.
Harriman, Ripley & Co.,

DILLMAN,

Williams, Paine, Webber, Jackson &

DILWORTH, LAWRENCE

Curtis.

Incorporated

R. C. O'Donnell & Company

Secretary: Roy F. Deianey, Smith, Hague, Noble & Co.
Treasurer: Harold J. Burrows,

DISTLER, ARTHUR P.

Paine, Webber, Jackson & Curtis

Watling, Lerchen & Co.
*

Directors: The officers and Harry

W ood,
14

Gundy & Co., Inc.

New York 5

Elected:

members located in

Detroit unless

WILLIAM

ALBERS,

Jr.,

NEW YORK

CITY 4

ALDINGER,

BOLTON, F. J.
Lentz, Newton & Co., San
(Associate)
BOWYER, MERLE J.
Braun,
Bosworth &

E. P.

BRABSON.

Chas. A. Parcells & Co.

NESBITT, THOMSON AND COMPANY, INC.
•

Co.

GEORGE J.
Straus, Blosser & McDowell

Hentz

Teletype NY 1-4358

GEORGE
Co.

EDWIN M.

Smith, Hague,
Co.,

Noble

& Co. **

Incorporated
EXLEY, CHARLES E.

JOHN

Charles A. Parcells

Co.

FALLON, JOHN J.

BRAND, C. R.
F.

Charles A. Parcells & Co.

EVERHAM.

Goodbody & Co.

ALBERT H.

Fordon, Aldinger & Co.
ALLARDYCE,

ELLWOOD, AARON A.
Antonio, Tex.

Braun, Bosworth & Co. Incorporated

STREET

Corporation

ELDER,

ROSTER OF MEMBERS

ADAMS,

Telephone HAnover 2-8875

VALLETTE

Moreland

September, 1954; Took Office: October 1, 1954.

Street, Chicago 3

otherwise indicated)

BROAD

EARLE, HENRY
First of Michigan

Rotsted, F. J. Winckler Co.

(All

A. McDonald, Jr., McDonald-

Co.; Robert Moons, Manley, Bennett & Co.; Ralph

EIS.

Wall Street,

105 West Adams

Moore

DOHERTY, Jr., JOHN E.
Smith, Hague, Noble & Co.

Manley, Bennett & Co.

J. Winckler Co.

BROWN,

Baker,

WILLIAM P.

Simonds

FAULKNER, GEORGE L.

Co.

Hornblower

Weeks

ALLEN. ALONZO C.

Dealers

ALLMAN,

Canadian
Public

Blyth & Co., Inc.

Government, Municipal

Wm.

Roney

Co.

AXTELL. WILLIAM .1.

Utility & Industrial Issues

Hudson

White

Company

BAIRD, MACKENZIE

J. BRADLEY STREIT

Straus, Blosser & McDowell
Orders
Stock

executed

Exchanges

all

Canadian

BALLENTINE. R.

net New York prices

Goodbody & Co.
BAUBIE, WILLIAM E.
Baker, Simonds & Co.

Affiliated

BAYER,

Limited

STOCK
STOCK

EXCHANGE

KITCHENER

WINNIPEG

VANCOUVER

Nauman,

EXCHANGE

CANADIAN

TORONTO

VICTORIA

REGINA

The Toronto Stock Exchange

Co.

OTTAWA
CALGARY

SAINT JOHN, N. B.

HAMILTON
EDMONTON

Lerchen

Calgary Stock Exchange

Co.

"Winnipeg Grain Exchange
Canadian Stock

Exchange

BERNARDI, RAY P.

EXCHANGE

TORONTO

QUEBEC

WALTER
Winckler

BENJAMIN, WM. A.
Baker, Simonds & Co.

MEMBERS

MONTREAL

Watling,

THOMSON & CO.
STOCK

BECHTEL, CHARLES C.

AND

MONTREAL

Member:

with

NESBITT, THOMSON AND COMPANY

McFawn

Company

BINKLEY, KENNETH

LONDON, ONT.
LETHBRIDGE

FREDERICTON

MONCTON

Paine, Webber,

Jackson

BOLGER, G. L.
Manley, Bennett

Co.

66 KING

& Curtis

'•*■

BOLHOVER, M. E.

Birmingham,

Mich.

STREET, WEST

Convention

Mr.

Mrs.

John French,

THE COMMERCIAL and FINANCIAL

Number

George

Muller,

Janney

GOODRICH.

FISHER, DONALD B.

Smith,

/ Baker, Simonds & Co.

Noble

Winckler

II. SAMUEL
MacNaughton-Greenawalt &

GREENAWALT,

Roney Si Co.

Grand

Co.

Rapids

JOSEPH

Paine, Webber, Jackson & Curtis

DON G.

HASTINGS,

GILBERT, NELSON R.
Donovan, Gilbert Sc Co., Lansing

HASTINGS,

GILBREATH, Jr., W. S.
of

Michigan

Crouse

Co.

PIERCE A.

Wm. C.

HEBERT, L.
C.

Wm.

Roney & Co.

First

Co.

MILL,

harry

jr.

Corporation

Michigan
B.

McCarty & Co., Inc.

MILLER, DON W.
Don

W. Miller

Co.

MILLER, EDWARD J.

Straus, Blosser & McDowell

FRED W.

Smith, Hague,
Mcdowell,
Straus,

Higbie & Company

VICTOR M.
Watling, Lerchen &

Blosser & McDowell

Mcdowell, Jr.. george a.

Higbie & Company

Reid,

THOMAS

Campbell,

a.,

Co.

McDonald-Moore

Company

MEYER, FRANK P.

james

Mcdonald,

Grand Rapids

Michigan Corporation

First of

Reid,

Roney

Straus,

O'Donnell & Company

HUBER, JACK C.

GIRARDOT, ALFRED J.

milton

HORN, CLARENCE A.

HUBER,

Simonds & Co.

Baker,

Corporation

HOLLISTER, GEORGE R.
White, Noble Sc Company,

R. C.

H. RUSSELL

Livingstone,

Sr.,

Manley, Bennett & Co.

martin,

T. NORRIS
Kenower, MacArthur & Company

Hornblower & Weeks

First

manley,

HITCHMAN,

Co.

HARTNER,
GENDRON,

MERCIER,

Manley, Bennett Sc Co.

Goodbody Sc Co.

McFawn

EDWIN C.

Straus, Blosser & McDowell

milton a.

Jr.,

Watling, Lerchen Sc Co.

Smith, Hague, Noble & Co.
Sc

Nauman,

manley,

HINSHAW, JOSEPH
HAGUE, SAMUEL

GATZ, JOSEPH F.

McFAWN, JOSEPH J.

MERCIER,

Homer J. Bateman,

Company, New York;
Company, Seattle

MAIIONEY, J. ALBERT
Hornblower & Weeks

HOWARD

HINDES,

Northwest

Weeks

Hornblower

Watling, Lerchen & Co.

GARDNER, BRACKETT
A. H. Vogel & Co.

Mitchell <6

Feltman,

maiioney, earl d._

GORDON

HILL, J.

Co.

Irving

Pacific

IIIGB1E, PETER C.
Reid, Higbie & Company

GARCEAU, FRANK J.

McDonald-Moore

Mrs.

Baker, Simonds & Co.

Co.

GORDON, WILLIAM H.
F.

WM.

HIBBARD,

RUSSELL II.

Hague,

Jackson

FLOYD, Jr., C. A.
Wm. C. Roney & Co.

Wm. C.

Mr.

Bill Burke, May & Gannon, Inc., Boston;
John G. Kearton, National Quotation Bureau, Philadelphia

Co., Philadelphia;

A. C. Allyn & Co., New York;

CHRONICLE

sr.,

george

Noble

Co.

(Continued

Blosser & McDowell

on page

48)

HUGHES,

Co.

JR., JOHN

HUME,

Aldinger & Co.

Fordon,
HUNTLEY,

Smith,

Hague,

HURLEY,

•

R.
Noble & Co.

VERL

WILLIAM

Simonds & Co.

Baker,

HAROLD
Hague, Noble

HYDE, R.

Midland Securities
members:

corpn.

limited

Smith,
INCH,

The Investment Dealers'Association of Canada

& Co.

KEITH

Jackson & Curtis

Paine, Webber,

LEROY O.
Paine, Webber, Jackson & Curtis

JARVIS,

and The Investment Bankers

Association of America

JOHNSON, RAYMOND

Canadian Government,
and

Municipal

The Midland Company
on

FRANK

KEMP,

Nauman,

all Exchanges

CANADIAN SECURITIES

Company

Direct

McFawn <fe Co.

KING, CYRUS H.
Merrill

DEALERS IN ALL

Toledo, Ohio

White

Hudson

KERSTEN,

The Toronto Stock Exchange

Stock orders executed

Dealers' Association of Canada

Goodbody & Co.
KEIER, RUSS E.
Collin, Norton & Co.,
(Associate)

member:

LIMITED

Members of The Investment

HERMAN A.

KAUHL,

Corporation Securities

McLeod,Young,Weir & Company

Vogel & Co.

Lynoh, Pierce, Fenner Sc Beane

private wires to Montreal, Ottawa, Winnipeg,

Vancouver

Calgary,

First Boston Corporation, New York

and The

KING, W. LEO

Goodbody Sc

Toronto, Ontario: 50
London, Ontario:

King Street West

Baker, Simonds & Co.

Huron & Erie Building

Sault Ste. Marie, Ontario:

Stock orders executed

Co.

110 March Street

all Exchanges

HENRY B.

KINZIE,

Head

KISGH. JOSEPH J.
National Bank of Detroit

50 King

Office

Street West, Toronto, Canada

KISSEL, ROBERT

Goodbody Sc Co.

MONTREAL

KREIDLER,

CHARLES

WINNIPEG

LONDON

VANCOUVER

KOVALIC, FRANK J.
Watling, Lerchen & Co.

OTTAWA
CALGARY

KITCHENER

QUEBEC

HAMILTON
NEW YORK

Simonds & Co.

Baker,

KRISTENSEN, EDMUND F.
Moreland St Co.
KUHNLEIN, RUSSELL A.

Goodbody Sc

Co.

KUPFER, RAYMOND A.
Smith, Hague, Noble & Co.

Savard & Hart, inc.
Members

LANTERMAN, LESTER C.

Wayne
LARSON,

of The Investment Dealers'

Merrill

Association of Canada

Management

Company

ELMER

Lynch,

Pierce,

Fenner

Beam

RAYMOND J.
Goodbody Si Co. •

LAUDE,

Cochran, Murray 8

Co.

Limited

BERTRAND
Chas. A. Parcells Sc Co.

LEPPEL,

230 Notre Dame

St. West

Government,

LERCHEN, WM. G.

Watling, Lerchen Sc Co.

MONTREAL

and

Municipal

Corporation Securities

LICHTENSTEIN, H. F.
Hornblower & Weeks

LIVINGSTONE,
S.

SEABOURN R.

Livingstone, Crouse Sc Co.

LONGSTAFF, RALPH S.

Savard & Hart

Rogers Sc Tracy, Inc.,

Chicago, 111.

Montreal Stock Exchange
Stock Exchange
Toronto Stock Exchange

Members:

Toronto Stock

Montreal

MacARTHUR, REGINALD
Kenower, MacArthur

Sc Company

Branch Offices:
MACE.

62 William St., New

York City HAnover 2-0575

ROBIN G.

Goldman, Sachs Sc Co.
MacFARLANE, JOHN O.

QUEBEC

—

TROIS-RIVIERES

CHICOUTIMI

—

Exchange

LUDINGTON, BERT F.
Straus, Blosser & McDowell

230 Notre Dame St. West,

8 Hatj

Members of the

LUCHTMAN, LOUIS J.
F. J. Winckler Co.

Canadian

Head Office:

Cochran. Murray

(Associate)

SHERBROOKE

Manley, Bennett Sc Co.

ST. JOHNS, P. Q.
MaePHER80N, PETER
Charles A. Parcells Sc Co.

Dominion Bank Bldg.,
Hamilton

Toronto, Telephone EM. 3-9161
Kitchener

London

Thursday, October 14. 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Mr.

Mrs.

Lex

Jolley,

The

Robinson-Humphrey Company, Inc., Atlanta,
H. Welch, Sincere and Company, Chicago

Ga.;

Farrell, H. M. Byllesby and
&
Co., Boston;
Earl L.

STANKO, MARION J.
Hudson

Nephler Co., Pontlac

NEWMAN, PERCY

And

Hornblower

Michigan, Inc.

P.
Weeks

(Ccntinued from page 45)

Blosser

OBUCIIOWSKI,

ROSTER OF MEMBERS

ODDY,

Moreland

MONTGOMERY, HAROLD G.
McDonnell

MOONS,

Co.

vv,

Michigan

McFawn

Nauman,

.■

Corporation

Bennett

Company

Wm.

Kidder

Co.

Hornblower

C. O'Donnell

OSBORN, MILO

Weeks

Hornblower

Weeks

Parcells

I-

Co.

MELVIN

Kenower,

McFawn

Co.

Livingstone, Crouse & Co.

TIEDECK,

Baker,

Mulhall,

GEORGE
&

Baker,

Participation in

Simonds

Inc.,

Kalamazoo

Weeks

WILLIAMS,

FUNDS

investing tiieir capital

STUART

Livingstone, Crouse

& Co.

Young-Tornga Co.,

BYRON L.
Co.

A. M. Kidder &

VERNIER,

Manley,

RAUCH, MONTGOMERY K.
Paine, Webber, Jackson &

BONDS
(Series B1-B2-B3-B4)

Grand

Curtis

Pierce, Fenner & Beane

VICTOR

Jackson

Webber,

Winckler

WOCHHOLZ,

Smith,

McFawn Si

Co.

Curti*

Co.

Noble

Co.,

Jackson

Baker, Simonds Sc Co.

JOHN E.

Bennett

ROBERT A.

Hague,

WOOD, WARREN A.

Co.

WORBOY8, JESSE V.
McDonald-Moore

VERRAL, CLIFFORD E.
S.

Rapids

Grand Rapids

VANDERVOORT, HENRY
Nauman,

POWELL,

Co.

TORNGA, HERMAN

Baker, Simonds & Co.
PORTER,

Paine,

WINCKLER, FREDERICK J.
F.

INVESTMENT

Corporation

THOMAS

Merrill Lynch,

Smith, Hague, Noble Si Company

Simonds

WILLMORE,

TITUS, DEAN W.

Co.

CLAUDE

Michigan

WILLIAMS, JOHN M.

SWIAT, LEO A.
Si

WELCH, EDWARD L.
Baker, Simonds & Co.

RICHARD W.

PORTER,

Livingstone, Crouse & Co.
WILLIAM

First

Co.

ROSS

GORDON O.

Hornblower

Certificates of

WEED,

MacArthur

Nauman,
SUTTON,

Curtis

PARKER, HOWARD L.
Manley, Bennett & Co.

Co.

WEAVER, STANLEY M.

Watling, Lerchen Si Co.
Jackson

PARCELLS, Jr., CHARLES A.
Chas.

McDowell

WATSON, THOMAS H.
Baker, Simonds & Co.

PIERSON, E. T.

Custodian

& Co.

<fe Company

Olmstead

Keystone

Roney

Elosser

WATLING, PALMER
Watling, Lerchen &

STOETZER, ROBERT R.

Webber,

Paine,

PENDER,

CLARENCE J.

Straus,

STOETZER, Jr., ROBERT H

PARCELLS, EARLE W.
Chas. A. Parcells Si Co.

NEIL, ROY W.
Reld, Hlgbie & Company

McDonald-Moore Si Co.

Co.

SUTHERLAND.

Parcells Si Co.

Chas. A.

Co.

STUIT,

NAUMES, JOHN R.

MOORE, WILLIAM

WASS,

STRINGER, MAX J.

NAUMAN, ARTHUR P.

ROBERT

Manley,

Baker, Simonds & Co.
WALLACE, ROBERT

THAD

O'DONNELL, RAYMOND

Co.

MUSCHETTE, LESLIE C.
First

WAKEMAN, WYNN F.

Company

STEIN, MYRON D.

Smith, Hague, Noble & Co.

MORELAND, PAUL I.

Ferris, Wagner & Miller

STANWOOD, FRANK H.
Straus, Blosser & McDowell

McDowell

McDonald-Moore

MIOTTEL, RAYMOND W.
Paine, Webber, Jackson & Curtis

White

NOVIKOFF, WALTER N.
Straus,

MILLER, GEORGE A.

Company, Incorporated, Chicago; James J. Lynch, Paul
Combest, Barrett Herrick & Co., Kansas City, Mo.

Sheeline

CLARENCE J.

NEPHLER, Jr.,

Security Traders Association of Detroit

Arthur

Malinda Jolley;

Edward

Co.

Livingstone, Crouse & Co.
WRIGHT, JOHN C.

VETTRAINO, JOSEPH

REID, ANDREW C.
Reid, Hlgbie & Company

Kenower,

MacArthur

Co.

Manley, Bennett & Co.
YOUNGS, LEO N.

VOGEL, ARMIN H.

REILLY, RAYMOND W.

PREFERRED

STOCKS

Bennett

Manley,

Co.

c';-'.

REUTER, GEORGE A.

(iSeries K1-K2)

COMMON

STOCKS

Baker, Simonds & Co.

Carr

Vogel & Co.

Goodbody bt

ZOELLIN,

Co.

Company

FRED J.

Manley, Bennett & Co.

RICHARDSON, DONALD L.
Nauman, McFawn & Co.
RODECKER,

(Series S1-S2-S3-S4)

VOORHIES, FRANK E.

ARTHUR

Goodbody & Co.
RONEY, JOHN K.
Wm.

Prospectus from

your

local

investment

dealer

Tke

Roney & Co.

^JdO'iton tj'und

ROTSTED, RALPH
J.

Winckler

Co.

ROTSTED, WILLIAM

Keystone Company of Boston
50

Congress Street, Boston 9, JMass.

Armed

Service

ROWADY,

LOUIS

Hudson White

Company

Massachusetts Investors

SANCRANT, MUREL J.
H.

V. Sattley

Growth Stock Fund

& Co., Inc.

SATTLEY, HALE V.
H. V.

Sattley & Co., Inc.

SCHAFER,
F.

New England
Fund

HARRY

Winckler

Co.

SCHNEIDER, ELWOOD H.
E. H. Schneider Ac Co., Kalamazoo

D Aassachusetts Investors Trust

SCHOLLENBERGER, HERBERT
Campbell, McCarty Si Co., Inc.
SHAPIRO, IRWIN
Straus, Blosser Si McDowell

Century Shares Trust

SHOEMAKER, WILLIAM E.
Reid, Higbie & Company

ORGANIZED 1931

SIMMONDS, CHARLES M.
Manley, Bennett Si Co.

SIMONDS, RALPH W.

Baker, Simonds Si Co.

Bond Fund

SLOANE, WADE
Manley, Bennett & Co.

National Distributor

SMITH, PHIL H.

Manley, Bennett & Co.

Coffin & Burr
Incorporated

BOSTON
NEW

YORK

A prospectus

BANGOR

relating to the shares of any of these separate
be obtained from authorized dealers or

investment funds may

Moreland & Co.

VANCE, SANDERS A, COMPANY
SPADE.

PORTLAND

BOSTON

SNELL, ROBERT L.

SNOWDAY, H. TERRY
Blair & Co., Incorporated

Founded 1898

HARTFORD

SMITH, Jr., HAL H.
Smith, Hague, Noble Si Co.

WAYNE

111

DEVONSHIRE

STREET

BOSTON

Watling, Lerchen Se Co.
NEW

SPAULDING, RICHARD C.
H. V. Sattley & Co., Inc.
SPLANE,

GEORGE W.

Paine, Webber, Jackson & Curtis

YORK

Broadway

CHICAGO
120

South LaSalle Street

LOS
2io

ANGELES

West Seventh Street

Convention Number

Pete

THE COMMERCIAL and FINANCIAL CHRONICLE

Brochu, Allen & Company, New York; Mrs. Irwin Schloss, New York; Lester Frenkel,

C. W. McBride,

Gersten & Frenkel, New York; William Nelson II, Clark, Landstreet & Kirkpatrick, Nashville

Twin

McGANN, GLENN

ROSTER OF MEMBERS

City Security Traders Association, Inc.

Mr. & Mrs. Fred A. Shorsher,

Midland Securities Corp., Toronto, Ont., Canada;
Ball, Burge & Kraus, Cleveland

(Associate)

Francis I. du Pont Si Co.

(Members

located

Minneapolis

unless

otherwise Indicated)

ALDRICH,

MALCOM

Central

MAHONEY,
C.

CORNELIUS

McKENDRICK, EDWARD
Johnson-McKendrick & Co.,

Mahoney Si Co.

ANDERSON, DONALD N.
First National Bank of St. Paul.

D, Mahoney Ss Co.

MASEK.
St. Paul

ARMS, JAMES P.
J. P. Arms, Incorporated 1

JOSEPH

MILLER,

Kalman

Bishop & Co.

MATSCHE, PAUL E.
Paine, Webber, Jackson

BABCOCK, Jr., CARROLL H.

Inc.

McNAGHTEN. ROBT. S.
Wllllams-McNaghten Co.

MAHONEY, JOSEPH C.

Republic Company

JOSEPH R.
Sc Company,

Inc.

MYERS, THEODORE A.
Mannheimer-Egan, Inc., St.
&

Paul

Curiis

St. Paul

(Continued

Piper, Jaffray & Hopwood

on page

48)

BERGMAN, 08CAR M.
Alilson-Williams Company

BERRT, RICHARD J.
Harold

Wood

Co.,

St.

Paul

BISHOP, MORLAN II.
M. H. Bishop & Co.

BOOTH, HOWARD
Paine, Webber, Jackson

Curtis

BORIN, LEIGHTON

Fred

Beth

Harold

L. Field

National

Edw. J.

McKendrick

Securities

Research

Jack P. Smith

Corp.

Kidder, Peabody & Co.
Founded In 186S

BULLER, MELVIN
Jamieson

President: Fred S. Goth, Irving J. Rice & Company, Incorporated,
St. Paul.

Co.

Members New York, Boston, Midwest and

CAMPBELL, SAM W.
Jamieson & Co. (Associate)

American

Stock

Exchanges

CAMPBELL, ROBERT T.

Vice-President: Harold

Field, Jamieson & Co., Minneapolis.

Secretary: Edward J. McKendrick, Johnson-McKendrick Co., Inc.,
Minneapolis.

Johnson-McKendrick

CLARET, JOHN M.
Keenan & Clarey,

Treasurer:

Jack

Smith, First National Bank of Minneapolis.

Alphonse J. Grun, First National Bank

Grant

Daln

Trading markets in

Inc.

New

Company

England Bank, Utility and Industrial Stocks

COLLIN8, HOMER
Homer Collins &

Duluth

Co.,

(Associate)

of Minneapolis.
Alternate:

Inc.

COHEN, MERRILL M.
J.

National Committeeman:

Co.,

Feldman, Piper, Jaffray

Hopwood, Minne¬

apolis.

DATTON, LEONARD V.
Smith, Barney & Co.

75
Telephone:

DELANEY, JOHN J.
Delaney <fc Company

DEYINE, OWEN C.
Blair & Co., Incorporated

Federal

Street,

NEW YORK

Teletype:

PHILADELPHIA

FELDMAN, GRANT A.
Piper, Jaffray ft Hopwood

New England

FERGUSON, HUGH
Blyth & Co., Inc,

Lowell

•

Boston

Liberty 2-6200

New Bedford

•

Newport

•

BS 338

CHICAGO

Branches:

Providence

Springfield

Taunt-on

HAROLD L.
Janueson & Co.

FIELD.

FI8K,

WALLACE K.
St Co., St.

John Nuveen

FLODIN.
M.

MAY A (iANNON
INCORPORATED

1929

GARCIA,
J.

RAY

M. Daln

& Company

GEARINO, E. R.
Marquette National Bank
GIESEN, WILLIAM H.
M. H. Bishop St Co.

1954

GOODMAN, DONALD F.
Francis I.

♦

Paul

EMIL

Bishop St Co.

du Pont

Co.

GOTH, FRED S.
Irving J. Rice & Company, Inc.
gii_,jgr.««■

St. Paul
GRUN.

First

Our 25th Year

ALPHONSE

Rational Bank

Minneapolis

HANSON, WILLIAM
Piper, Jaffray & Hopwood
HEIRONIMUS, ROGER L.
Marquette National Bank
HENNINGS, HENRY B.

NEW YORK

—

CAnal

Northwestern

6-2610

Bank

National

Minneapolis
BOSTON

—

HUNT.

HUbbard 2-8360

JOHN W.

Midland National Bank

HARTFORD,

PROVIDENCE,

A. T. & T.

PORTLAND

TELETYPE

—

Enterprise 9830

Boston 568-569

JACKISH, GEORGE V.
Merrill Lynch, Pierce, Fenner Si Beane
JOAS. KENNETH C.
Smith, Barney & Co.

JOHNSON.

EMIL

Johnson-McKendrick

161 DEVONSHIRE STREET,

BOSTON, MASS.

John

G. Klnn&rd &

President

Joseph Gannon
Vice-President

Inc.

Your Doorway to trading markets in

Company

KLEMOND, EMIL J.
Merrill Lynch, Pierce,
William F. May

Co..

KINNARD, JOHN G.

William J. Burke, Jr.
T reasurer

Fenner

Beane

KOOP, WILLIAM W.
Piper, Jaffray & Hopwood

LEJCHER, GEORGE F.

Francis I. du Pont & Co.

(Associate)

LEWIS, W. WARD WELL
Merrill Lynch, Pierce, Fenner & Beane
National Bank

Minneapolis

MACH, ROBERT F.
James

Bennett

MILK STREET,

Co.

BOSTON 9, MASS.

Telephone HAncock 6-8200
Members New York and

MaeDONALD, GEORGE A.
First

New England Securities

Springfield

•

Boston Stock Exchanges

Fitchburg

•

Worcester

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, October 14, 1954

•

j!:..

#/''v//'/:/' V-fa

mm
m""'

Mr.

Twin

Mrs. Samuel

Sachnoff, First National Bank of Chicago; Mr. & Mrs. Irving Grace,
W. C. Pit field & Co., Inc., New York

City Security Traders Association, Inc.

Mr.

PHILLIPS,

GUYBERT

Caldwell.

RICE,

PLUMLEY,

ALFRED

PRESCOTT.
E.

RAND,

St.

Moody,
R.

RUDD,

ARTHUR

First

SIIUTE,
Zt

Co.

Wallace

Runyan,

The Bond Club of Louisville

Curtis

National

Bank of

SPACE,

Minneapolis

Company

WALTER P.

Woodard-Elwood & Co.
HARRY

Kalman

STEELE,

Company, Inc.

JOHN

Paine,

Jaffray & HGpwood

HERMIT B.

STARN,
&

SEMPF, WALTER J.
Co.

Woodard-Elwood

CQLDEVIN C.

Piper,

Prescott

CHARLES

ROWND, CHESTER M.
Paine, Webber, Jackson

Paul

Mrs.

Philadelphia

LLOYD

Allison-Williams

Merrill Lynch, Pierce. Fenner & Beane

PREESIIL, F. WARREN
&

IRVING

RIEGER,

Harris, Dpham & Co.

Juran

SORUM.

Irving J. Rice & Company, Inc., St. Paul

Phillips Co., St. Paul

Evans, Philadelphia National Bank, Philadelphia;
Mr. & Mrs. John E. Knob, Drexel & Co.,

Company, Inc., St. Paul

First National Bank

ROSTER OF MEMBERS

(Associate)

Edward

SMITH, JACK P.

(Continued from page 47)

O'CONNOR, WILLIAM G.
Central Republic Company

Mrs.

Philadelphia;

SIVERSON,
Kalman

Webber, Jackson

Curtis

STEICHEN, ROMAN J,
St.

Paul

Steichen

Co., Inc.

PRESTON B.

Jamieson

STILLMAN,

Co.

GEORGE

Byllesby

and

Company,

Incor¬

porated

Sl'ONER, PAUL A.
J.

Dain

Northwestern

National

Bank

Minne¬

apolis

TEXTILES
TARRAS, ARTHUR C.
A.

INDUSTRIALS

Tarras &

BANKS

WELLS,

Secretary: Mrs. Ora M. Ferguson, Merrill Lynch, Pierce, Fenner
& Beane.

STEPHENSON

Baxter, Williams & Co., Inc.

(Associate)

Committeemen: Thomas

M. H.

Lynch,
E.

Pierce,

Fenner

Beane

Bishop & Co.

As
•

■

Established

SPECIALISTS IN

1926

1908

STATE

STREET

BOSTON 9, MASS.

cordially

invite inquiries from

CO., Inc.

underwritten

analysis by

this

one

our

Ti)04j *50,URS 1Fst,,iet*

York

DEALERS AND

England

only

after

on-the-ground

officers.

Him,

INCORPORATED

Tel.

Street, Boston 9, Mass.

LAfayette 3-3310

Teletype BS 570

BROKERS IN

Incorporated

UNLISTED

Listed and Unlisted Bonds and Stocks

RIVERSIDE CEMENT CUSS B

SECURITIES

particularly of

For

England Corporations

and Financial Institutions

Broadway

NEW YORK 4
Maintaining

Retail Department
England

with Distribution in New

System Teletype NY 1-86
27

Exchange

specialty with

us.

Trading Market
odd lots

blocks

Telephone CApitol 7-8950
Bell

Analysis Available

State Street
BOSTON 9

Member Boston Stock

than 10 years

Telephone DIgby 4-1388
Bell

WASHINGTON AT COURT STREET

Inquiries invited from Dealers

BONDS
New

Security Dealers Ass"n

70 State

Chas. A. Day & Co.

firm

flwiMELL, HaHK-M'SS

MEMBERS
New

those

their time on this type
of security. From time to time, we have special
offerings
of relatively high-yielding tax-exempts which have been

New

MUNICIPAL

dealers who do not concentrate

KNOX

•

Established
Unlisted Securities

Address

"Tockin"

Bond

Alternates: Charles C. King, The Bankers Bond
Co., Inc.

Dealers

Bankers

HOTCHKIN CO.

Telephone

The

Fenner & Beane.
Merrill

LAfayette 3-0460

Graham,

WIKMAN, DALE R.

WIKMAN,

Cable

National

Company, Inc.; Mrs. Ora M. Ferguson, Merrill Lynch, Pierce,

Blyth & Co., Inc.

Vice-President: Albert C. Brocar, Jr., J. J. B. Hilliard & Son.
Treasurer: Hugh Allan Watts, W. L. Lyons & Co.

WITTENBERG, WILBUR W.

INSURANCE

Hugh Allan Watts Mrs. 0. M. Ferguson

Co., Winona

(Associate)

PUBLIC UTILITIES

Rutledge Albert C. Brocar, Jr.

President: J. Wesley Rutledge, Stein Bros. &
Boyce.

TALBOT, O. JACK

DEALERS..

Wesley

Company

System Teletype BS 169

Direct phone between offices

lerner & co.
10 POST

OFFICE

SQUARE

BOSTON 9, MASS.

Telephone HUbbard 2-1990

Teletype BS 69

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

:^AC&Mt£Sm

Mr.

Donald

Mrs.

Jacobs, Conning & Co., Hartford, Conn.; Mr. & Mrs.
Coburn & Middlebrook, Inc., Hartford

Lou

Libby,

Bunny

Gibbs, Laird, Bissell & Meeds, New York; Alonzo H. Lee, Sterne, Agee &
Birmingham, Ala.; Rollie Morton, Blue List Publishing Co., New York

JOHNSTON, Jr., ROBERT H.

Elected:

July 17, 1953; Took Office: January 1, 1954; Term Ex¬
pires: January 1, 1955.

The

Bankers

Bond

Co.,

Inc.

JONES, CLARENCE

VVM.

O'Neal-Alden & Co.,

ALDEN, Jr., WM.

FEHRIBACII, URBAN H.
Inc.

Lincoln Bank & Trust

ALLEN, HORACE

Merrill

Bona

Lynch,

Pierce,

Co.,

The

Bankers

Bond

Hilliard & Son

& Co.,

CONLI/FE, WILLIAM J.

Lynch, Pierce, Fenner

Beane

Goodbody & Co.

Boyce

Hutton

SMART,

SPIERS, JOHN H.

JOHN

Smart, Clowes & Oswald, Inc.

Beane

WILSON, HOLMAN R.
The

Reid and Ebinger, Inc.

Wagner,

Kentucky Company

Inc.

F. S. MOSELEY & CO.

Co.,

Lexington,

1879

MEMBERS

OESWEIN, HENRY

Ky.

J. J.

B. Hilliard & Son

New York Stock Exchange
Fenner

Beane

American Stock Exchange

Boston Slock Exchange

PARKS, JOSEPH W.

Berwyn T. Moore & Co., Inc.

Kentucky Trust Company

Berwyn T. Moore & Co., Inc.

HAMPTON, GARRETT
Merrill Lynch, Pierce,

DEARING, ANDERSON

Midwest Stock Exchange

HANNAH, WOOD
The Bankers Bond Co., Inc.

DESMOND, C. G.
& Boyce

HELCK, CHESTER L.
Liberty National Bank & Trust Co.

DIERSEN, JOSEPH H.
Eskew, Gresham & Diersen

HILLIARD,
J.

POWELL, EDWIN W.
Berwyn T. Moore & Co., Inc.

PURYEAR, ROBERT E.
The

HENNING

Hilliard

Bankers

Bond

Co.,

Underwriters and Distributors

Inc.

Son

DURHAM, JOSEPH H.
Citizens

ALLEN
W. L. Lyons & Co.

WATTS,

MOORE. BERWYN T.

HAGAN, HART

DEAN, WILLIAM A.
Berwyn T. Moore & Co.

Bros.

WATKINS, Jr., WILLIAM T.
Merrill Lynch, Pierce, Fenner

ANTHONY

LONG, EDWIN A.
Russell, Long & Company, Lexington, Ky.

Wagner, Reid and Ebinger, Inc.

HAAS, WILLIAM G.
Bros.

Son

WARREN G.

Lincoln Bank & Trust Company

MOLTER, EDWARD G., Jr.

Boyce

CREGOR, BEN

Stein

ROENN,

ESTABLISHED

Co., Inc.

Stein

The

VON

J. J. B. Hilliard & Son

GREEN, KENNETH
Bros.

Boyce

Hilliard

MILLER, J. HUGH

BERNARD W.
The Louisville "Times" (Honorary)

Stein

(Honorary)

The Bankers Bond Co., Inc.

SOMMERS,

The Bankers Bond Co.,

Co., Inc.

GRATZER,

CONWAY, POWHATAN M.

McNAIR, WILLARD P.

Bankers Bond

The

Stein Bros. & Boyce

GRAHAM, THOMAS

CLOWES, JOHN R.
Smart, Clowes & Oswald, Inc.

Bros.

LUCAS, CHESTER A.

Wyatt, Grafton & Grafton

Inc.

Stein

VOGT, ERNEST

SOL

LINCH, DALE F.
Berwyn T. Moore <Sc Co., Inc.

Lynch, Pierce, Penner & Beane

GRAFTON, ARTHUR W.

CHRISTMAN, Jr., HENRY

TROST, MILTON S.

Boyce

C. A.
Citizens Fidelity Bank & Trust Company

Aliustedt Brothers

Beane

TRINKLE, WALTER
The Kentucky Company

SEDLEY, MRS. ELINORE

Bros.

Courier-Journal

Merrill Lynch, Pierce, Fenner & Beane

GERST,

BURKHOLDER, Jr.. JAMES R.

SCHULMAN,

LEWIS, LINCOLN

GARLAND, CHARLES
Merrill

KAUFMAN, IRVIN
Stein Bros. & Boyce

Inc.

RUTLEDGE, WESLEY
Stein

Fenner &

REID
Merrill Lynch, Pierce, Fenner & Beane

Berwyn T. Moore & Co., Inc.

The Bankers Bond Co., Inc.

Co., Inc.

Liberty National Bank & Trust Co.

BURGE, JOHN M.

The Bankers Bond

Beane

FULLER, ASA W.

BROCAR, Jr.. ALBERT C.
J. J. B. Hllllard & Son

Merrill

FETTER, JAMES M.

Inc.

Stein Bros. & Boyce

O'Neal-Alden

Penner

HECTOR

BOOTH, MOREY

J. J. B.

ComDahy

FERGUSON, MRS. ORA M.

Goodbody & Co.
The Bankers

KAMPFMULLER, ERNEST
Citizens Fidelity Bank & Trust Co.

Inc.

BERT
Pierce,

Lynch,

STONE,

REIMER, J. BERGES

KING, CHARLES C.

Wagner, Reid and Ebinger,

Inc.

O'Neal-Alden & Co.,

BOHNERT.

JONES, WILLIAM L.
Louisville Trust Company

EBINGER, RUSSELL

Merrill

Fidelity Bank & Trust Co.

REID, JOHN L.
Wagner, Reid & Ebinger,

Almstedt Brothers

ROSTER OF MEMBERS
ALDEN,

Citizens

STERNBERG,

FRANK

Leach,

RASH, DILLMAN A.

Fidelity Bank & Trust Company

HOPKINS. W. HOWARD

Hilliard

Son

CORPORATE

MUNICIPAL

AND

SECURITIES
COMMERCIAL

PRIMARY MARKETS

BOSTON

•

NEW YORK

CHICAGO

■

PAPER

INDIANAPOLIS

•

WORCESTER

UTILITY and INDUSTRIAL STOCKS
^

NEW ENGLAND SECURITIES
Townsend, Dabney & Tyson
BOSTON CORRESPONDENT

ESTABLISHED
Members New

A. M. KIDDER &

CO., NEW YORK

York and

Associate Members

1887

Boston Stock Exchanges

American Stock Exchange

30 STATE STREET, BOSTON 5

for
ORDERS EXECUTED ON ANY EXCHANGE OR MARKET

BANK and INSURANCE STOCKS

UNLISTED SECURITIES & MUNICIPAL BONDS

Private Wire
New York

Teletype BS-346 for Trading Department

J. B. MAGUIRE & CO., INC.
31 Milk

BS430

for

Municipal Department

Street, Boston 9, Massachusetts

Branches:
Branches:

Fltchburg, Mass.

Portland, Me. Lewlston, Me.

Open*end Telephone Wire to New York
New York—CAnal 6-1613

Bell System Teletype—BS-142

Providence, R. I.—Enterprise 2904

Portland, Maine—Enterprise 2904

Augusta, Me.

Bangor, Me.

Greenfield, Mass.

Lawrence, Mass.

Keene, N. H.

Manchester, N. H. (Reps.)

Boston—HUbbard 2-5500
TELEPHONE BOSTON:

System

Telephone CAnal 6-1540

Hartford, Connj—Enterprise 6800

CABLE ADDRESS

LAFAYETTE

8-7010

"SENDANTHY"

50'

THE COMMERCIAL and FINANCIAL

Mr.

Mrs.

John

Barker,
M.

Baltimore

Lee Higginson Corporation, New York City;
Topol, Greene & Company, New York City

Mrs.

Mr. & Mrs. Robert

National Comimtteemen:

Security Traders Association

Joseph

Alternates: J. Carl

William C. Roberts, Jr., C. T. Williams

ROBERTS,
C.

Alex. Brown & Sons.

Frank, John C. Legg & Company; H. Mitchell

Bruck, Stein Bros. & Boyce.

Company,

Inc.

C. HERBERT

Union Trust Company

SENER, JOSEPH W.

Expires: December, 1954.

John C. Legg

SHEELY.

Mead,

ROSTER OF MEMBERS

—

WILLIAM

Jr..

Williams

SADTLER,

1953; Took Office: December 4, 1953; Term

Elected: December 4,

V. McManus,

McManus; Mrs. John F. McLaughlin; Joseph
Joseph V. McManus & Co., New York

Inc.; Howard L. Keliermann,

& Company,

Thursday, October 14, 1954

CHRONICLE

8c Company

HARRY

Miller

& Co.

SNYDER, JACK
Stein

Bros.

CHESTER

MARTIN,

EDWARD J.

ARMSTRONG,

Boyce

Mead,

Miller

'ffk,' II

Garrett

Robert

-fee

John C.

THOMAS

BLOCHER,

William

C. Roberts

David L. Pindell

Maryland

J. Claire Sowers

Stein

Keliermann, Alex. Brown & Sons.

Vice-President: William C. Roberts,
pany,

Treasurer: J. Claire Sowers,

Governors:

JR.,

Allison

Berry, Robert Garrett &

Boyce

& Boyce

PIET,

Co.

Equitable

Trust Co,
JOSEPH

STROHMER,

John C. Legg

John C.

8c Company
EDWIN P.

SUNDERLAND,

J.
Sons

ALFRED

Inc.

HARRY

Garrett

Legg 8c Company

TAYLOR. PRESTON A.

HARRY R.

Mead, Miller & Co.

Howard & Co.

PINDELL,

R. EMMET
Legg 8c Company

Jr.,

John D.
.

DAVID

Lockwood,

BRADY, JOHN A.
Merrill, Lynch, Pierce, Fenner 8c Beane

Mead, Miller & Co.

BENJAMIN

Legg 8c Company

NIEMEYER,

PREVOST

Stein Bros.

John

Secretary: David L. Pindell, Lockwood, Peck & Co.

Bros.

BRADLEY,

Inc.

Miller

CHARLES A.

BOYCE,

Jr., C. T. Williams & Com¬

Securities,

Company

Robert

BODIE,

President: Howard L.

Trust

Mead,

Boyce

MORGAN, Jr., C. GERARD

Sons

kWtfW/Mmwi

H. L. Keliermann

ELWOOD
&

Bros.

Mitchell

ALLISON M.

BERRY,

Stein

MITCHELL,

& Co.

Jones

r.wm

McCLURE,

SPILKER,

BANEY, ARTHUR L.

Co.

CLAIRE

SOWERS. J.

CLINTON
Baumgartner, Downing & Co.

BAMBERGER, E.

Peabody & Co.

Kidder,

WATTS, Jr., SEWELL S.

LEE

Baker, Watts 8c Co.

Peck & Co.

PINKERTON,

CHARLES

WHITE, GEORGE M.

Merrill Lynch,

Baker, Watts & Co.

Pierce, Fenner 8c Beane

BROWN, J. DORSEY
J.

Sons;

Charles

Gross, Merrill Lynch, Pierce, Fenner & Beane; Harry R. Piet,
Jr., John D. Howard & Co.; H. Mitchell Bruck, Stein Bros. &

Bros.

Boyce

WILMER

Bros.

Boyce

JOHN C.

YEAGER,

REIN, HOWARD E.
BUTLER,

Baker, Watts & Co.

Equitable Trust Co.

Baker, Watts & Co.

Boyce; J. Carl Frank, John C. Legg & Company; Jack Snyder,

RIEPE,

CHAMBERS,

Mead, Miller & Co.

Stein

Philip L. Poe & Co.

BRUCK. H. MITCHELL
Stein

WILBUR, LeROY A.

POE, PHILIP I.

Dorsey Brown & Co.

John

ROBERT P.
Legg & Company

Alex.

CREIGHTON

Brown

G. THOMAS

YEAGER,
Baker,

& Sons

Watts

Co.

CHENOWETH, Jr., JOHN G.
Baker, Watts & Co.
COLEMAN, WILLIAM F.
Mead, Miller & Co.
CRUNKLETON, JOHN R.
Mercantile-Safe Deposit and Trust

;

Company

EBERWEIN, BERNARD E.

DAYTON HAIGNEY & CO.

Alex.

Brown

Sons

ENSOR, Jr., LAWRENCE E.

INCORPORATED

Stein

Bros.

Boyce

FOUT, Jr., HENRY B.
George G. Shriver 8c Co.,
75

FEDERAL

L L

BROTHERS

Inc.

STREET, BOSTON
FRANK, J. CARL
John C. Legg 8c Company

FREEMAN, EDWARD B.
Lockwood, Peck 8c Co.

Teletype BS 596

milk

Liberty

C O,

BOSTON

street

Teletype

2-0363

9 -MASS.

630

GRAY, E. GUY

New York Telephone

—

WOrth 4-2463

Mercantile-Safe Deposit and Trust

Company
GRESSITT, MORDECAI B.
George G. Shriver & Co., Inc.
GROSS.

CHARLES

Merrill Lynch,

Pierce, Fenner & Beane

GUNDLACH, LOUIS P.
Brooke & Co.

HERR,

WILLIAM J.

Alex.

Dealers

and

Brokers

Brown

Stein

general market issues

Bros.

Specializing in

Sons

JENNINGS. ARTHUR C.
Boyce

KEAGLE,

O. JOSEPH
c/o Phil.-Balt. Stock Exchange

New Hampshire

Maine

Massachusetts

Vermont

Bank
Alex.

new england securities

Brown

KIDD,

Stein

KLEIN,

Sons

Boyce

Telephone HUbbard 2-6442
Phone to

New York

Bell System

Landon

Davies

LANAHAN, Jr., WALLACE W.

Teletype BS 328

City WHitehall 3-9029

Cons.

Rendering

Southwestern States Tel.

Power Condenser &

Electronics Corp.

Stein Bros. & Boyce

KRIEGEL, LEO

STREET

BOSTON 9, MASS.

Reeves Soundcraft

Cinerama, Inc.

GUSTAV

KRATZER, DAVID C.

Carr & Thompson, Inc.

Firm Markets

NEWTON

Bros.

Mead, Miller & Co.

31 MILK

Stocks

KELLERMANN, HOWARD L.

Specializing in

Paul D. Sheeline & Co.
31

MILK STREET, BOSTON

9, MASS.

Stein Bros. 8c Boyce

Telephone HAncock 6-0170
LIST,

ROBERT

Stein

Bros.

Boyce

Teletype BS-51

Convention Number

Mr.

Mrs. Alfred

F. Tisch,

Nashville

THE COMMERCIAL and FINANCIAL CHRONICLE

Fitzgerald & Co., Incorporated, New York;
McLaughlin, Reuss & Co., New York

Mr. &

Mrs. George V. Hunt,

Mrs. Sid

EVANS, N. PEYTON
Cumberland Securities

Security Traders Association

EVE,

Siegel, Siegel & Co., New York; Mr. & Mrs. Nat Krumholz, Siegel & Co., New York;
Mr. & Mrs. Sam Green, Pledger & Company, Inc., Los Angeles

Corporation

PAUL F.

Paul

Co.

Eve

FARRAR, RUDOLPH S.
Temple Securities Corporation
GIBSON, Jr., JO
Webster

Gibson

GREENWALT, BUFORD W.
Wiley Bros., Inc.
HALE, Jr., R. WALTER
J.

Bradford 8c Co.

HALLIBURTON, GUS G.
Equitable Securities Corporation

HILL,
J.

ALBERT S.

C. Bradford 8c Co.

KEITH, PORTER
W.

Estes

Company,

KEY, MARTIN B.
Spencer Trask &

B. W.

Ray G. Martin

Landstreet, III

Shillinglaw

KIRKPATRICK, Jr., EDWARD L.
Landstreet

Ciar/c, Landstreet &

Landstreet &

LAUPER,

Secretary-Treasurer: Richard P. Shillinglaw, Mid-South Securi¬
ties Co.

First

Nelson, II, Clark, Landstreet &
Kirkpatrick, Inc.; Herbert Pettey, Equitable Securities Corporation.

Frank

Burkholder, Equitable Securities Corpora¬
tion; Carr Payne, Cumberland Securities Corporation.

BASS.

MELVILLE

Bradford

CLARK,
Clark,

Co.

JACK M.

Jack

Bass

HAROLD W.
Landstreet &

Mid-South

CLAYTON,
8c

Merrill

Company

EVERETT

Inc.

McDANIEL,

C. EVAN
Equitable Securities Corporation

JACK M.
& Company

JR.,

Jack M.

DOUGLAS, N. JAMES

BELL, WALTER E.

Equitable Securities Corporation

Clark, Landstreet & Kirkpatrick, Inc.

BENEDICT, E. B.

EASTON, PORTER L.
Mid-South

& Co.

ELKINS,

WILLIAM I.

Insurance

Securities

Corporation

■

CONN.

SPRING

POWER

CONNECTICUT POWER

Municipal

EMHART

MFG.

CO.

HARTFORD ELECT. LIGHT
LANDERS

Securities

NEW

BRITAIN

MACHINE

RUSSELL MFG.

CO.

SOUTH'N NEW

ENG.

TEL.

VEEDER-ROOT

Corporation

COBURN &

National

Bank

Bradford

MlDDLEBROOK,

Co.

INC.

100 Trumbull Street at Pearl

Inc.

Hartford Tel. JAckson 7-3261

NIELSEN, EINER
C.

LT.

T. H.
Securities Corporation

American

Bell Teletype HF 464

Securities

Corporation

HERBERT

Equitable

Securities

Corporation

Co.

PILCHER,
Cumberland

■f

HARDWARE

ASSOCIATED

Bank

inquiries in:

your

AMERICAN

JR.,

Cumberland

Co.

MATTHEW,

Securities

Corporation

NEW YORK

Niantic, Conn.

NEW HAVEN

Norwich, Conn.

Worcester, Mass.

Mid-South Securities Co.

EVANS, JESSE H.

FRANK

Industrial - U tility

State &

NELSON, II, WILLIAM
Clark, Landstreet & Kirkpatrick,
J.

everywhere

N. Y. Tel. DIgby 4-6713*
Boston Tel. HUbbard 2-3780*

PAYNE, CARR

Securities

OVERTON

Mid-South

Clark, Landstreet & Kirkpatrick, Inc.
BURKHOLDER,

Equitable

Co.

Securities

NELSON. FINIS

PETTEY

BERRY,

Beane

DAVENPORT,

Bass

Spencer Trask

MITCHELL,

First

BASS,

Fenner

Webster & Gibson

Cumberland

Lynch, Pierce, Fenner & Beane

MARKETS for Dealers

We particularly invite

Pierce,

Securities

Cumberland

Kirkpatrick,

CONNECTICUT

Primary

Bank

MADDEN, BERT F.

MITCHELL,
C.

National

McLAUGHLIN, THOS.
Wiley Bros.. Inc.

ROSTER OF MEMBERS

Inc.

MARTIN. RAY G.
Temple Securities Corporation

Alternates: H.

BARNES,

Inc.

Kirkpatrick,

RUDOLPH

American

LUSKY, IRA L.
Merrill Lynch,

National Committeemen: William

Company,

Inc.

LANDSTREET, III, BEVERLY W.

Clark,

Kirkpatrick, Inc.

Kirkpatrick,

KIRTLAND, FRED K.
Hermitage Securities

G. Martin, Temple Securities Corporation.

Vice-President: Beverly W. Landstreet, III,

Co.

KINGINS, MERVYN J.
Jack M;. Bass 8c Company
Clark,

President: Ray

Inc.

Manchester, N. H.

*Direct

PROVIDENCE

Manchester, Conn.

Hartford-Hew

BOSTON

Springfield, Mass.

W. Wardsboro, Vt.
York-Boston

Portland, Me.

'Phones

READ, ROBERT R.
Robert R.

Read

Investment Co.

KENNTH

SCHOEN,

Bradford

B.
Co.

SHARP, ALFRED

D.
Alfred D. Sharp 8c Company

SHILLINGLAW,
Mid-South

RHODE ISLAND SECURITIES

MARION
Securities

Cumberland

Inquiries

Corporation

CONNECTICUT

STEMPFEL, ROBERT

Spencer Trask

On All Rhode Island Securities

PrMai
Primary Mortals in

SMITH, H. LAIRD
Equitable Securities Corporation
SMITH,

Our Trading Department Invites Your

RICHARD

Securities Co.

Co.

SECURITIES

STERN, SOL
Spencer Trask & Co.

STEVENSON, ALEX B.
Vance, Sanders 8c Company

Open-end Phone to Boston

—

Lafayette 3-0610

TEMPLE, THOMAS H.
Temple Securities Corporation
THOMAS, MARION F.
W.

G. H. Walker & Co.
Established

Estes

Company, Inc.

TUCKER, JAMES

Inquiries Invited

J. C. Bradford & Co.

1900

WARD, JAMES

Third National Bank
MEMBERS
YORK

NEW

MIDWEST

STOCK

WATERFIELD,

EXCHANGES

CHARLES

First American
AMERICAN

STOCK

EXCHANGE

WESTMINSTER

Telephone union

ST.

PROVIDENCE

Bell Teletype PR 43

1-4000

Webster

ROBERT

NEW

YORK,

ST.

LOUIS,

PRIVATE

BRIDGEPORT,

WIRES

HARTFORD

Bank

Gibson

WILEY, DAVID W.

Wiley Bros.,
DIRECT

Chas. W. Scranton & Co
MEMBERS

NEW

YORK STOCK

EXCHANGE

(ASSOC.)

WEBSTER,
15

National

WHITE

PLAINS

OFFICES

WILSON, BUFORD G.
Jack M. Bass 8c Company
ZEITLER, JOHN
Third

HAVEN

Telephone: MAin 4-0171

Inc.

AND

NEW

National

R.
Bank

New York: REctor 2-9377

Hartford: JAckson 7-2669

Teletype NH 194

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

VM'W

mm®.

THE GREATEST SPEAKER

DEVELOPMENT IN 30 YEARS !
t-

here, describe it

ity tapes, microphones, amplifiers, and pick-ups
possible to put on records sound
so
close to the original it can scarcely be

delivers

developing

told apart.

Philcothe revolutionaryengineers who shown
oped scientists and
new Speaker devel¬
as an electrostatic speaker that
uniform radiation of high frequency sounds
through an arc of 180°.

the average person understands better
amazing things that happen when he listens

But
two

have made it

Suddenly the weak link in the chain had be¬
come
reproducing this sound for mass enjoyment
in the home.

The

Upper register sounds are heard with
a
clarity and brilliance unlike anything
he has heard before, and

matter

sound

where he sits, he hears the

equally well.

two
simple facts lies one of the
stories of modern electronic research, and
new achievement
by Philco engineers.

great

The basic

problem stemmed from the tremen¬

dous advances of

recent

years

in techniques for

recording sound. The development of high fidel¬

ANOTHER

difficulty lay in the limitations of the
cone
type speaker, where the driving

conventional

force is confined

small circle in the dia¬

center. This opens the door to severe
distortion in the upper register. Also the cone
tends to radiate sound in a narrow beam that

phragm's

Behind these

This

it:
1.

FIRST

deprives listeners

the sides of full enjoyment.

Philco

engineers whipped the first problem
by evolving a new type of speaker in which the
driving force is applied uniformly over the whole
diaphragm surface.
And

they solved the radiation problem by

FROM

through

half-cylinder colonnade of 16
each delivering the sound
arc of ll!4° to cover a total of 180°.
a

with

sections,

new

Philco Electrostatic

Speaker makes

possible, for the first time, for everyone sitting
anywhere in front of the speaker, to hear full
High Fidelity sound. .
•
And this new development is available
production basis, at low cost!

on a mass

once again, Philco scientists, engineers,
production experts have teamed together to
contribute the kind of significant development
that has made Philco the name for leadership

Here,

and

in Television
Air

Radio

Conditioning... Electric

Ranges

...

Refrigeration

...

and Freezers.
And the end is not in

PHILCO

sight!

RESEARCH

Convention

Barney

THE COMMERCIAL and FINANCIAL CHRONICLE

Number

Nieman,

Carl

Marks

New York; Mr. & Mrs.
Towbin Co., New York

Co.,

Thomas

Greenberg,

C. E.

York;

ROSTER OF MEMBERS

Secretary: Rubin Hardy, The First Boston Corporation.
Governors:

Philadelphia

Los Angeles; Samuel F. Colwell, W. E. Hutton & Co.,
Mrs. Mary Ronan, New York

Mrs. George Earnest, Fewel <ft Co.,

New

Investment Traders Association
Of

Mr.

Unterberg,

Jack

G. Robert

Brooks, Schmidt, Poole, Roberts & Parke;

Christian, Janney & Co.; Spencer Corson, Elkins, Morris

ANDERSON, TOWNSEND C.
Bioren

Co.; John P. Dempsey, Kidder, Peabody & Co.; Robert Don¬

ovan,

Blyth & Co., Inc.; William Doerr, American Securities

Corporation; Harry H. Fahrig, Jr., Reynolds & Co.; Albert H.
Fenstermacher, M. M. Freeman & Co., Inc.; Rubin Hardy, First
Boston

Corporation; John M. Hudson,

J. Edward

Thayer, Baker & Co.;

Knob, Drexel & Co.; Robert McCook, Becker & Co.;

Hendricks & Eastwood, Inc.; Thomas F.

William J. McCullen,

Lewis

Armstrong & Co.

ARNOLD, EUGENE T.
Harriman Ripley <ss
AYRES,

George

BAILEY,
White,

Carr

Willard

Company;

O'Brien

Rice,

Joseph E.

Ristine & Co.;
Wallace H.

Edgar A. Christian

John F. Weller, Goldman, Sachs & Co.

and

Carr O'Brien

First Boston
&

Stroud & Company,

Jr.,

Inc.

Co.

HERBERT

Inc.

Bender

Co.

HERBERT

Armed Service

BODINE, PAUL W.
Drexel

Co.

BOOTHBY, Jr., WILLARD S.
Eastman, Dillon & Co.

Thayer, Baker & Co.; Rubin Hardy,

Co.; Edgar A. Christian,

BORTNER,

Stroud & Company, Incorporated;

SAMUEL

Stein Bros. & Boyce

BOWERS, THOMAS A.
Yarnall,

Biddle & Co.

Biddle

(Continued

Co.

on page

54)

Greetings and Best Wishes from Philadelphia

Rubin Hardy

DEPARTMENT PERSONNEL

TRADING

Christian, Stroud & Company, Incorporated.

Hemphill, Noyes & Co.
r. Victor Mosley,

G. Mundy, Stroud &

vice president

Company,
Mosley

R. Victor

Incorporated.

Equipment Trust Certificates

Frank J. Laird

Kennedy, Yarnall, Biddle & Co.

Railroad Bonds, Guaranteed

Frank J. Laird

Leased Lines Stocks

and

Allan

Edgar a.

Foard, Jr.
Public Utility

Christian

James G.

BROKERS

DISTRIBUTORS

UNDERWRITERS

Co.

G.
&

A. Riecke & Co.,

Arthur

Corporation; John P. Dempsey, Kidder, Peabody

Samuel M. Kennedy, Yamall,

Treasurer: Samuel M.

BENDER, ARTHUR J.

Smith, Newburger &

Company; R. Victor Mosley,

Alternates: John M. Hudson,

Vice-President: James

Company,

JOHN

BEATTIE,

Janney & Co.; Thomas F. O'Rourke,

Incorporated.

Second

Son

BELL, WILLIAM

Wallingford, H. M. Byllesby

Company, Incorporated; Joseph E.

Co.; George J. Muller,

First Vice-President: Wallace H. Runyan,

NEWTON

Ristine

BLIZZARD,

President: Edgar A.

Co.

Montgomery, Scott & Co,

National Committeemen: Charles L.

Samuel M.Kennedy

BARNES, JOSEPH 0.

James G. Mundy

Runyan

Bailey

Newbold's

Eastman,

& Co.; Roy C. Thomas, F. P.

Smith, Newburger

Fenner

LEONARD

BARBER,

Rodgers, Blair & Co., Incorporated;

Co.; J. Leslie

Pierce,

GEORGE A.

Weld

BARTON,

Dillon

Lynch,

BAILEY, JR.,

incorporated

Co.,

PERCY

Merrill

Battles

O'Rourke,

Co.

ARMSTRONG, J. LEWIS

Bonds & Stocks

Industrial

Mundy

Russell M. Ergood, Jr.
Michael J.

Municipal Bonds

Rudolph

Gordon W. Pfau

Newburger

Company

Randolph

Robert J.
Members:

l. Wister

Campbell

Institutional Department

DeCourcy W. Orrick
New York Stock

Exchange

•

American Stock Exchange
John

Philadelphia-Baltimore Stock Exchange
For

Sales Order Department

Klingler

Edward F. Hirsch

Statistical Department

Felix E. Maguire

than fifty years

Field Representative

effective distribution
in

1401

the Nation's third largest

trading

Walnut Street, Philadelphia 2, Pa.

area

STROUD & COMPANY
Incorporated

LOcust 8-1500
123

New York

City

Lebanon

Atlantic City

South Broad Street

PHILADELPHIA 9

Vineland
new

york

pittsburgh

allentown

lancaster

atlantic city

Beane

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, October 14, 1954

11mm

Mr.

Mrs.

Mr.

Charles
&

Mrs.

Wallingford, H. M. Byllesby and Company, Incorporated, Philadelphia;
Christian, Stroud & Company, Incorporated, Philadelphia

CAUGHLIN,

Investment Traders Association

Edward

Philadelphia

Stroud &

CALL,

Jones, Miller Sc Company

FANT, JOHN FITZSIMONS

Caughlin & Co.

Penlngton,

EDGAR A.

Colket

GREEN,

Co.

HARRY

Merrill

Company, Incorporated

Freeman

FISCHER,

COLFER, LAWRENCE J.
Rufus Waples Sc Co.

FITCH,

COLLINS,

Co..

Co.

FREDERICK

Nash

H.
Inc.

GREENE,

Pierce,

ROBERT

Fenner

Beane

FIXTER,

WALTER

Yeatman

■

Company, Incorporated

GRIFFITHS, W. LAWRENCE
DeHaven

EDWARD

Co.

Suplee,

JOHN PATRICK

Walston

Co.

Lynch,

FENSTERMACHER, ALBERT

Stroud

THOMAS

Lilley

Maguire, Stroud & Company, Incorporated, Philadelphia; Mr. & Mrs. Reginald J. Knapp,
Wertheim & Co., New York

CHRISTIAN, JOHN
Janney Sc Co.

ROSTER OF MEMBERS
ALFRED

EDWARD

CHRISTIAN,

(Continued from page 53)

BRACHER, JR.,

F. E.

Edgar A.

Co.,

Inc.

HAGER.

Townsend, Crouter & Bodine

MALVIN

Montgomery, Scott Sc Co.

Sparks St Co.
HAINES, FRANCIS J.

BRADBURY, JOHN L.
Dolphin Sc Co.

CAMPBELL, A. GRANT
Janney & Co.

BRADLY, CHARLES C.
E.

Clark

BRENNAN,

Blyth Sc Co.,
BRIXTON,
Drexel

Stroud &

BROOKS,

Walston

Schmidt, Poole, Roberts & Parke

Dorsey Brown & Co., Baltimore

Cohu

Co.

CORSON,
Inc.

JOHN

CRAM,

Co.

Caplan

Elklns,

Morris

GEORGE

JOSEPH R.
Hemphill, Noyes & Co.

CARTER,

Webster Dougherty Sc

First

Co.

Jr.,

DeHaven

FREDERIC

Burton,

& Townsend, Crouter & Bodlne

HAROLD

GESING,

C.
Sc

Hiscox,

Co.

Corp.

Incorporated

HARRISON, GEORGE R.
Laird, Bissell Sc Meeds

FRANK

Dana

HART,

ROBERT

Euler

Hart

HEFFELFINGER, HARRY L.

Co.

ROBERT

WALTER

Meter

Co.,

Inc.

HEPPE,

JOHN E.
Phila.-Baltimore

Inc.

GORMAN, FRANK J.

DARBY, DONAU) W.
Hallowell, Sulzberger

Kuch

and

Co.

WILLIAM
Securities Corporation

First

WM.

Harper Sc Turner,

Phillips &

HENSHAW,

CHARLES
Van

Sherrerd

GOODMAN,

Co.

HARRIS, RUSSELL A.
Eastman, Dillon St Co.

Company,

GEMENDEN,
Butcher

HARRY

JR.

Harrison

GABLE, ALBERT G.

Dackerman

Boston

FOX, IIOLSTEIN DeHAVEN
A. C. Wood, Jr. Sc Co.

Kennedy St Co.

Harry

Son

RUBIN

Samuel

Inc.

ALLAN

FOGARTY,

Co.

CUNNINGHAM,

DAFFRON,
BURGESS,

•

JAMES

Brooke

CAROTHERS, Jr., JOHN C.
H. M. Byllesby and Company,
Incorporated

CARSON,
Co.,

Co.

CUMMINGS, JOSEPH

Co.

JOHN

Clark

Wurts, Dulles St Co.

DACKERMAN.

BROWN, LLOYD B.
Arthur L. Wright Sc

2nd,

FOARD,

SPENCER

HARDY

The

FLYNN,

Newbold's

Fleming & Co.

S.
Stroud

CAPLAN, ALBERT

G. ROBERT

BROWN, J. DORSEY
J.

Company, Incorporated

CANTWELL,

Incorporated

Company,

Lynch, Pierce, Fenner & Beane
GEORGE

(Honorary)

RICHARD R.
Charles A. Taggart & Co.,

Co.

Merrill

Geo.

CHAUNCEY

COMPTON,

CAMPION.

BROCK, ALEXANDER B.
Stroud

Inc.

CAMPBELL, ROBERT J.

Inc.

WILLIAM

COLWELL,

FLEMING, GEORGE N.

(Honorary)

CAMPBELL, CHARLES J.
Dawkins, Waters Sc Co.,

Co.

CHARLES

COLLINS, Jr., JOHN T.

HESS,

Company

WILLIAM

Woodcock,

Stock

Exchange

Hess

Co.,

Inc.

Co.

DAVIS, ALBERT J.

UNDERWRITERS, DEALERS and BROKERS

Rlecke

Co.,

Inc.

DAVIS, EDMUND J.

Rambo, Close & Kerner, Inc.

PENNSYLVANIA MUNICIPAL and

DEMPSEY, JOHN P.

Kidder,

AUTHORITY BONDS

Peabody

DENNEY,

WILLIAM

Co.

UNDERWRITERS AND DEALERS

Eastman, Dillon Sc Co.
■DERRTCKSON,

PUBLIC UTILITY—RAILROAD—INDUSTRIAL

Blair &

Jr..

JOHN

Industrial, Public Utility, Railroad and Real Estate Securities

Co., Incorporated

DICK, JR., LEWIS CRAIG

BONDS and STOCKS

Lewis

C. Dick Co.

DOERR.

WILLIAM

American Securities

Specializing in

Issues Free of the Pennsylvania
Personal Property Tax

UNLISTED TRADING DEPARTMENT

DONOVAN, ROBERT F.
Blyth Sc Co., Inc.
Established

DORSEY,

C. A.
The First Boston

DOWNS,

YARN ALL, RIDDLE & CO.
Members

Corp.

DOLPHIN, LEO M.
Dolphin Sc Co.

H. A.

CHARLES
Riecke

DUBLE,

BlOREN

Co., Inc.

FORREST

Parrlsh

Exchange

New

Co.

DUDICHUM,
Delaware

Philadelphia-Baltimore Stock Exchange
American Stock Exchange (Assoc.)

York

Telephone

EULER,
Euler

Bell System Teletype—PH 22
York

Distributors,

4-4818

Exchange

120

Philadelphia 2, Pa.

New

PEnnypacker 5-9400

Broadway

York

5, N. Y.

WHitehall 3-0590

Hart

Co.

BOENNING
Philadelphia-Baltimore Stock Exchange

1529 WALNUT STREET
Teletype PH 30

Stock

Walnut Street

PRIMARY TRADING MARKETS -I- RETAIL DISTRIBUTION

Members

Stock

Company, Incorporated

CHARLES

Reynolds

Co.

Exchange
Exchange

Inc.,

1508

FAHRIG, Jr., HARRY
WOrth

Stock

Philadelphia-Baltimore

ERGOOD, Jr., RUSSELL M.

1528 WALNUT ST., PHILADELPHIA
2, PA.
New

CHARLES

Camden, N. J.

Stroud

MEMBERS

American

New York Stock

1865

Corp.

American

&
Stock

Better Service To You
More

Opportunities For Us

CO.
Exchange (Associate)

PHILADELPHIA 3, PA.

Telephone LOcust

8-0900

New York Telephone COrtlandt 7-1202

Convention Number

Henry

Arnold, Geo. Eustis & Co., Cincinnati; William J. McCullen, Hendricks
Philadelphia; John Bradt, Doolittle & Co., Buffalo, N. Y.

HEWARD,
Butcher

HEWABD,
Janney

JAMES
ft

JACOBY,

Sherrerd

RICHARD

JEFFRIES,

Inc.

JOHNSTON,

Lynch, Pierce, Fenner ft Beane

HOLDSWORTH, ROBERT M.

HOLMAN,

Weeks

Kidder,

ROBERT O.

JOYCE,

Smith, Barney & Co.

Thayer, Baker ft Co.

FLOYD

Kidder,

ALMON

Baker,

Co.

Weeks

KLINGLER.

National

Peabody ft Co.

JOHN

Crouter

First

Co.

JOHN

Boston

Reynolds

Corporation

Co.

Company

Drexel ft

Co.

PAIRMAN,

Nash ft

Co.

JOHN

Schmidt, Poole, Roberts ft Parke

NASH, HAROLD N.
H.

Co.

PARKER, JOHN E.

Co.

Rlecke

Co.,

Inc.

KNOB, JOHN E.

Drexel

Bureau

THOMAS

O'SHEA, HENRY M.

Hornblower ft Weeks

NECKER, CARL

Co.

KRUG, THOMAS
ft

Schaffer,

(Honorary)

FRANK

Stroud

PARKES,

Co.

Jr., NEWTON

Rambo,

Kerner,

(Continued

Corporation

Inc.

on page

56)

Company,

JOHN

LAMB,

NELSON, WALTER G.

LACHMAN, Jr.. CARL
Eastman, Dillon ft Co.
LAIRD,

Necker

New York Hanseatlc

Co.

Quotation

Inc.

Dackerman

O'Brien

Carr

Incorporated

Company,

MURPHY, JOHN W.

KNAPP, ALFRED S.
Wurts, Dulles ft Co.

O'ROURKE,

ft
ft

Collings & Co.,

Harry

Janney ft Co.

MUNDY, JAMES G.
Stroud

O'BRIEN, JOSEPH F.

MURPHY, JOHN A.

Co.

Peabody

KEARTON,

Inc.

KIELY, Jr.. JERRY J.

Bioren

HUTCHINSON,

Co.,

Incorporated

MULLER, GEORGE J.

Bodme

THOMAS J.

JUSTICE,

Paul

Bogan

Company,

Mr. & Mrs. Thompson

NOWLAN, LAWRENCE J.

VICTOR

R.
ft

W. Cunningham & Co., Westfield, N. J.;
Wakeley, A. C. Allyn & Co., Chicago

Woodcock, Hess ft Co., Inc.

HUDSON, JOHN M.

Stroud

FREDERICK

Sheridan

Geo.

MOSLEY,

KETCHEM, WILLIAM S.
De
Haven
ft
Townsend,

Peabody

•

GEORGE

SAMUEL

KERSLAKE,

WILLIAM

Ristine

JONES,

George W. Cunningham,

Yarnall, Biddle ft Co.

Reynolds & Co.

HOERGER, CHARLES E.

Hornblower

KENNEDY.

Co.

JENNINGS, JOHN

Van Meter ft Co.,

STANLEY

Newburger &

HISCOX, ARTHUR G.

Merrill

LEWIS

Eastwood, Inc.

Thayer, Baker & Co.

& Co.

Hiscox,

Jr.,

<ft

FINANCIAL CHRONICLE

THE COMMERCIAL and

Incorporated

Penlngton, Colket ft Co.

This Is How It Works

LAND, C. EDWARD
F.
LA

Without favor

ing conditions,

prejudice and in the light of constantly shift¬
continue to search for relatively under-valued

securities.

Ristine

RA8H,

Paine,

Webber,

Hopper. Soliday & Co.

Co.

ALLYN

Established 1872

Jackson ft Curtis

LAUT, JOSEPH ST. C.
Jenks, Klrkland ft Grubbs

Philadelphia-Baltimore Stock Exchange

Members

LAWRIE,

The

resulting selections form the basis of almost 100 primary
trading markets, carried in the Philadelphia Office, in which
our

markets

An
to

firm and

are

our

increasing number of dealers

stop,

are

LESCURE, JAMES
W.

interest often substantial.

finding it advantageous

look—and do business.

WILLIAM N.
Securities Corporation

First

Newbold's

Sons

Co.

Brokers and Dealers in

LILLEY,

Jr., WILLIAM
Lllley ft Co.

LOVE,

THOMAS

Geo.

■:

■

Co.

FELIX E.
—

H. M.

Byliesby and Company
(Incorporated)

Members

Philadelphia-Baltimore and Midwest Stock Exchanges

Associate Member American Stock

Exchange

Stroud

■

LISTED AND UNLISTED SECURITIES

Snyder ft

MAGUIRE,

•

—

Incorporated

Company,

MANEELY, HARRY 5.
Montgomery, Scott ft

Co.

Trading Department

MANN, NEVIN
Stuart ft Co.,

Halsey,

Inc.

Joseph

John Gibson, Jr.

McNamee

MARKMAN, JOSEPH
Newburger ft Co.

1500

Chestnut Street, Philadelphia 2,

Philadelphia Phone
RIttenhouse

New

6-3717

York

REctor

CHICAGO

NEW

Pa.

JAMES

PH 606

1420

Walnut

Street, Philadelphia 2, Penna.

Sherrerd

Teletype

2-0553

YORK

McATEE,
Butcher

Phone

Telephone

McBRIDE, ALFRED R.
Wright, Wood ft Co.

—

PEnnypacker 5-4075

Teletype —PH 593

MINNEAPOLIS

McCANN, THOMAS J.
Gerstley,

Sunstein

Co.

McCAULLY, ARMOUR W.
Hallowell, Sulzberger ft Co.

EST.

1916
McCOOK, ROBERT
Hecker

Co.

McCULLEN, WILLIAM J.
Hendricks ft Eastwood

MARKETS

MAINTAINED

McCULLOUGH.

JOHN

Wellington Fund, Inc.

Dealers in over-the-counter securities

McDONALD,
Paul

WILLIAM

McFADDEN.

are

especially interested in

Smith,

situations

for

DEALERS

JOHN

Barney

McFARLAND.
Hecker

special

Lynch

3rd.

Co.
B.

COMMONWEALTH OF PENNSYLVANIA

ooSStSoKMSMMiim

McGARVEY, Jr.. JOHN N.
Stroud

The

HECKER

CO.

McLEAR,

McNAMEE,

Q/V.

Corporation

WALTER

Hess

Incorporated

Boston

Woodcock,

Hopper,

Members

Company,

DONALD

First

UNDERWRITERS
ObHgoHooo okt
■ of

JAMES

Co.

retail

McLEAN,

AND

Co.,

JOSEPH

Inc.

BONDS

PENNSYLVANIA SCHOOL AUTHORITIES

TURNPIKE, WATER AND SEWER ISSUES

8oliday ft

l-t-'b Specialists In.., •*/

CITY OF PHILADELPHIA

Co.

MEANEY, THOMAS J.

New York Stock
American Stock

Exchange

Exchange (Associate)

Philadelphia-Baltimore Stock Exchange

Wellingtgon
MI LB URN,

MORLEY,

Fund,

JOHN

Hecker ft

Inc.

Co.

JOSEPH

Henry B. Warner & Co., Inc.

Liberty Trust Bldg., Broad and Arch Sts., Philadephia 7, Pa.

MORRIS.

Phila. 'Phone LOcust 4-3500

MORRISSEY.

Teletype PH 767

N. Y. 'Phone DIgby 4-6792

RAYMOND

MORRIS8EY.

Jones,

FRANK

Morrlssey

ft Co.

ROBERT

Miller

Packard Bldg.,
LOcust 7-3646

U. 8. Army

SCHAFFER, NECKER & CO.

Company

•

Philadelphia 2
Teletype PH 864

THE COMMERCIAL and FINANCIAL CHRONICLE

Charles C. King, The Bankers Bond Co., Inc., Louisville, Ky.;
C. W. McBride, Midland Securities

RAFFEL,

WILLIAM

Rafiel

Stroud

Philadelphia

REMINGTON,

Woodcock,

ROSTER OF MEMBERS

RICE,
PHILLIS,

FRED

Wright, Wood Ac Co.
WRIGHT,

Jr., WILLARD
Kidder, Peabody & Co.

WHITCRAFT, FRANK
Kidder, Peabody & Co.

WILLARD

WHITEHEAD, WILLIAM
Camden, N. J.

Co.,

Inc.

Co.

RICHTER, JOHN

YEAGER, WILLIAM F.

YEATMAN, Jr., POPE
Suplee, Yeatman & Company, Inc.

White,

Co.

Weld &

Dillon

WURTS, JOHN W.

WHITLEY, FRANK L.

CLIFFORD
Hess

Eastman,

Fahncstock Ac Co.

Inc.

RICHARD D.

WOOD, 2nd.

WELSH, Jr., HENRY
Lilley Ac Co.

JOSEPH S.
Miller & Co.

Jones,

SLY, L, FULLER
Parsly Bros. Ac Co.,

ALFRED

Lllley & Co.

L. WISTER
Company, Incorporated

REILLEY,

(Continued from page 55)

PAR

WELLS,

Co.

RANDOLPH,

Clair S.
Hall, Clair S. Hall & Co., Cincinnati; Don W. Miller, Don W. Miller & Co., Detroit;
Harry J. Gawne, Merrill, Turhen & Co., Cleveland; Harry L. Arnold, Goldman, Sachs & Co., New York

J. L. Quigley, Quigley & Co., Cleveland;
Corp., Toronto

Investment Traders Association

Thursday, October 14, 1954

Bioren

Hecker

Co.

Butcher & Sherrerd

GEORGE

PATTERSON,

Curtis

Webber, Jackson &

Paine,

GORDON

PFAU,

PIMLEY,

Bache

PHILLIPS,
Samuel

QUINTARD,

Co.

SAMUEL

Suplee,

Kerner,

ROMEYN

Yeatman

RODGERS,

New York Hanseatic

GEO.

Nash

WILLIAMSON,

LESLIE

YEATTS, ALBERT H.

Co.

ROGERS, H. WHITNEY
Elkins, Morris Ac Co.

Company,

Inc.

ROSS,

LOUIS

Delaware

Corporation

Smith Co.

MICHAEL

RUNYAN,

The

ZELLER,

Company

Securities

ZERRINGER,

(New

York)

JOSEPH

Bankers

Company,

HOWLE

Wellington

Corp.

WALTER

Inc.
WILLIS,

ROSS, MICHAEL J.
Yarnall, Biddle & Co.

Stroud Ac

YOUNG,

COIT

WILLIS, ALFRED J.
H. M. Byllesby and
Incorporated

Distributors,

RUDOLPH,

Schmidt, Poole, Roberts Ac Parke

Co., Incorporated

Inc.

RADETSKY, WILLIAM R.

Phillips Ac Co.

Aspden, Robinson Ac Co.
Blair

Close &

WILLIAMS,

ROBINSON. ELLWOOD S.

PREGGEMEIR, CHARLES G.
Rambo,

Phillips

Jr.,

Samuel

EDWARD

Woodcock, Hess & Co.

Co.

PHILLIPS,

ANDREW

GEORGE

ZUBER, ETHAN G.

Colllngs Ac Co., Inc.

Suplee, Yeatman Ac Company. Inc.

Company, Incorporated

WALLACE H.

Hemphill, Noyes Ac Co.
SAILER, A.
A.

Butcher

Sherrerd

ESTABLISHED

CORPORATE
James J.

1910

Butcher & Sherrerd

MUNICIPAL TRADERS

Heward, Manager
Henry P. Glendinning, Jr.

First

Battles

SHAW,

MEMBERS

Exchange
Stock

Exchange

EXCHANGE

PHILA.-BALTIMORE

AMERICAN

STOCK

EXCHANGE

Brokers in

Corp.

LISTED and UNLISTED SECURITIES

ARNOLD

Company, Inc.

SMITH,

Lynch,

Dealers in

Pierce,

JOSEPH

Fenner

Beane

STATE, MUNICIPAL and REVENUE BONDS

Newburger Ac Co.
SNYDER,

(Associate)

STOCK

Boston

CHARLES

Merrill

Philadelphia-Baltimore Stock Exchange

American

YORK

SELHEIMER, PERRY N.
First Securities Corporation
SERVICE, E.

York Stock

MEMBERS
NEW

SCHREINER, WILLIAM McE.
F. J. Morrissey Ac Co.
SCHULER, RUSSELL
The

New

ESTABLISHED 1900

SCHAUFLER, CHARLES A.
Schaffer, Necker Ac Co.

Walter E. Gemenden

John B. Richter

J. W. SPARKS & CO.

SCHAFFER, RUSSELL W.
Schaffer, Necker Ac Co.

McAtee, Manager

James W.

At Co.

SCATTERGOOD, HAROLD F.
Boennlng Ac Co.

TRADERS

Rudolph C. Sander

JACK80N

J. Sailer

SANDER, RUDOLPH

HARRY

WIRE

DIRECT

NEW

YORK

Yarnall, Biddle & Co.
STREET,

1500 WALNUT STREET

•

PHILADELPHIA 2, PA.

PHILLIPS

First Boston Corporation

SULZBERGER, GEORGE W.
Hallowell, Sulzberger & Co.

Philadelphia Telephone

Teletype

PEnnypacker 5-2700

PH-4

New York

Telephone

WHitehall

4-4927

SUPLEE,

new

york

TELETYPE—PH
210

Broadway

DIgby

SUNSTEIN, JR., LEON
Gerstley, Sunstein Ac

Western

broad a

4-0230

KIngsley

Savings

Fund

Bldg.

chestnut sts.

Philadelphia

Co.

622

Pa.

6-4040

WILLIAM Z.

Suplee,

Yeatman

Company,

Inc.

TAGGART, CHARLES A.
Charles A.

TALCOTT,

Taggart Ac Co.,

RAYMOND

Drexel &

TERRELL, CLAYTON
Reynolds

DeHaven

Townsend, Crouter

Bodine

New

York

American

Stock

and

Exchange

New

4-2900

Bell

York

Phone

DIgby 4-0200

Noyes

Clearance

& Co.
H.

Sunstein

Co.

HAROLD

Brown

Co.

BERNARD

Brothers

TOKRENS,

Philadelphia Phone
LOcust

Ristine

Gerstley,

STREET, PHILADELPHIA

Co.

LEWIS

TOBIAS,

TOD.D,
1500 CHESTNUT

Hemphill,

Philadelphia-Baltibiore Stock Exchanges

Harriman

ROBERT

Harriman

Ripley

Co.

Co.,

Incorporated

TREVINE, ROY
Harriman Ripley & Co.,

System Teletype—PH 518

Philadelphia's Oldest and Largest Trust Company Offers

THOMAS, ROY C.
TILGE,

Members

Inc.

Co.

Incorporated

UNDERWOOD, J. FREDERICK
Boennlng

Co.

facilities

special department is maintained for

of Brokers and

large clientele

Security Dealers. We specialize in set¬

tling and handling all types of securities transactions
locally and nationwide. Redeliveries
died

are

promptly han

by messenger or as collections through

our

•

net¬

VEITH, FRANK H.

Distributors, Dealers, Underwriters

Devine &

VOORHEES,

Corporate and Municipal Issues

Drexel

Stock and Bond Brokers

Smith

Correspondent Banks. Our fees

THE
H

CHARLES

Byllesby

and

Company,

PENNSYLVANIA

Incor¬

porated

York

BROAD STREET

Wilkes

Barre, Pa.

Stamford, Conn.

Deposit & Savings Bank Bldg.

VAlley 3-4131

4-2148

Swain

COMPANY

24 Offices

WARNER, ALFRED S.

Company, Inc.

for

77 BEDFORD STREET

DIgby 4-0200

moderate.

Co.

WALLINGFORD,

New

are

Inquiries invited.

Co.

WALLACE, DAVID
E.

work of

Co.

WILLIAM

WARNER,
Henry B.

HENRY

PHILADELPHIA

Warner

Co.,

Banking and Trusts
Founded 1812

Inc.

WELLFR. JOHN F.
Goldman,

Sachs

Co.

Member Federal Reserve System

•

Federal Deposit Insurance Corporation

57
Convention Number

Henry

CHRONICLE

THE COMMERCIAL and FINANCIAL

Oetjen,

McGinnis

Chas.

Company, New York;
Leslie
& Co., New Haven, Conn.

Mr.

Swan,

Mrs.

George

Jr.,

BREWER,

NSTA Members Not

DAVIS,

NEWTON

TAYLOR,

POWELL

Willis, Kenny & Ayres, Inc.,
Richmond, Va.

Brewer & Becker

Rouse,

Washington, D. C.

Dockham, Hincks Bros. &
Golkin, Golkin & Co., New

Saul

Scranton

CLARENCE

Taylor

Strader,

Any

CASSELL,
C.

Regional Group

CRAIGIE,

JOHN

Willis,

inc.

The

Ayres,

FERTIG,

WALTER W.

Hill,

Craigie & Co.,

Crawford

Little Rock,

Company,

Columbus, Ohio

Richmond, Va

Fort

JOHN

Doolittle

Co.,

Buffalo,

Westfield,

Inc.

Lanford,

Inc.

Kenneth

GEORGE

VAVRA,

Co.,

Des

and

Goodman

WARNER, FREDERICK
Cruttenden

JOHN

WHEAT, Jr.,
J.

Iowa

Moines,

HECTOR

Richardson

James

Montreal,
WALTON,
Walton

Corporation,

Iowa

Little

Que.,

GUS
&

Wheat

and

WILLIAMS,

Sons

Co.,

Richmond, Va.

HARRY G.

Quail & Co., Davenport,

Canada

Iowa

WILLIS, CHARLES E.

Willis, Kenny & Ayres, Inc.,

Company, Inc.

Rock.

Lincoln, Neb.

Co.,

JAMES

Co,

Wis.

Company

Miss.

Ind.

Walton

Jackson,

John S. Vavra & Co., Cedar Rapids, Iowa

GRAEFE, HARRY B.

and Thornhlll,
Charlottesville, Va.

Fertig & Co.

Sheboygan,

■

Wyllie

VIDRICAIRE,

Cunningham

George

Mason,

GOODMAN, KENNETH E.

Ark.

CUNNINGHAM,

Wayne,

First

BRADT,

LEONARD J.

Leonard

CRAWFORD, IRA B.

Inc.

Va.

EWING

Ohio

Horner

G. ERNEST

THORNHILL,

Lynchburg, Va.

W-

Kenny

Richmond,
BOLES,

Scott,

Inc.

Co.,

Charlottesville, Va.

ROSTER OF MEMBERS
AYEES,

Cassell &

DRINKARD, OSCAR B.

EUGENE H.

Conn.;

WALTON, OTIS B.

Co.,

Lynchburg, Va.

Affiliated With

Co., Inc., Bridgeport,
York City

Richmond,

Ark.

Va.

HARRINGTON,

Harrington

FULLER

HARRISON,

GEO.

Jackson, Miss.

Co.,
G.

Harrison & Austin, Inc.,

HENDERSON,
T.

C. Henderson &

Des

South Bend, Ind.

THEODORE

Moines,

Special Situations in

Co., Inc.,

OVER-THE-COUNTER

Iowa

HEWITT, CHARLES E.
Santa

LIL LEY

CO.

Fe. New Mexico

HOBBS,

Members Philadelphia-Baltimore Stock Exchange

SECURITIES

WILLIAM G.

Jr.,

Russ &

Company, Inc., San Antonio, Tex.

HUNT, E. M.
First Trust

PACKARD BLDG., PHILADELPHIA

ISAACS,

Miami,

WILLIAM

Edward J. Cadghlin & Co.

Spokane, Wash.

Teletype PH 366
York

Lincoln, Neb.

Fla.

KELLEHER,

New

Co. of Lincoln,

HENRY G.

KENNY. GEORGE P.
Willis, Kenny & Ayres, Inc.,

Telephone—CAnal 6-4045

Philadelphia Telephone—Rlttenhouse

Members

Philadelphia-Baltimore Stock Exchange

Richmond, Va.

6-2324

RUSSELL

KNAPP,

Securities

PHILADELPHIA 2, PA.

FINANCE BLDG.,

Corporation

Cedar

Iowa,

Telephone—Rlttenhouse 6-4494

Teletype—PH 788

Rapids, Iowa
KOSEK, ERNEST
Kosek

Ernest
Cedar

Trading

KRAMER,

Markets

Company,

ALFRED

Kramer-Gardner

Burlington,

Philadelphia Bank Stocks

LANFORD,

Dealers and Brokers in

Company

Iowa

LOUIS

Public Utility

Hill, Crawford & Lanford,
Little

RAILROAD

<fc

Rapids, Iowa

Rock,

Inc.

BONDS
GARNETT O.
Scott, Horner & Mason,
Richmond, Va.

New

LEE, Jr.,

RAILROAD

REORGANIZATION

SECURITIES

Pennsylvania, New Jersey & Delaware Bank Stocks

LEVY,

LEWIS,

Philadelphia Transportation Co. Issues

EDWARD

MacDONALD,

Vancouver.

Building, Philadelphia 2, Pa.
New

Philadelphia Telephone
Rlttenhouse

6-8500

York

Telephone

Bell System

2-0300

Teletype—-PH 279

Securities

Albert

New

York
REctor

PEnnypacker 5-2800

1500 Walnut
*

Inc.

Teletype
PH

2-2820

Securities

WILLIAM B.
Co., Inc., Topeka,

Kans.

and Company, Utica,

BLAIR A.
White-Phillips Company,

RADA, RALPH
Bache & Co.,

REISSNER,

N. Y.

DISTRIBUTORS
State

Municipal

Inc.

Bank

Milwaukee,

FRANK

Indianapolis

Bond

Shaffer &

Insurance

•

New

DEALERS

Corporate Securities

Stocks • Mutual Funds

Public

Housing Authority Bonds

Share Corporation

We maintain active

HARRISON

SHAFFER,

•

Pennsylvania Authority & Revenue Bonds

Wis.

Indianapolis, Ind.

WHitehall 4-7000

MAX

PHILLIPS,

New York Phone

PH 677

Inc.

Co.,

Corporate and Municipal Securities

Teletype

Ind.

Davenport, Iowa

Telephone

Street, Philadelphia 2, Pa.

Philadelphia Phone
KIngsley 5-1716

ALBERT

Philipson

The

PHILADELPHIA 2, PA.

Investment Securities

Limited

Canada

C.,

McGann

PHILIPSON,

1518 LOCUST ST.,

Funds

Charles A. Taggait & Co., Inc.

Estes

Telephone

Bend,

PESELL.

Phila.

Mutual

Corp.

Scott, Horner & Mason,
Lynchburg, Va.

South

Incorporated

Miss.

WALTER G.

MASON,

McGANN,

Rambo, Close & Kerner

Stocks

Obligations

IAN D.

Vancouver,

HAnover

6-3295

Securities

Line

Members Philadelphia-Baltimore Stock Exchange
MAIN,

Dominion

Finance

Canada

C.,

Leased

Bank and Insurance Stocks

J.
B.

and

Equipment Trust

Securities Limited

Pemberton

Television

and

Guaranteed

Jackson,

Company,

Industrial

•

General Market Municipal Bonds

Jersey and

Electronic

Co.. Waco, Texas

Levy &

Jr.,

Lewis

F. J. MORRISSEY & CO.

Inc.,

ROBERT E.

Robert

Railroad

•

SECURITIES

Ark.

trading markets in unlisted securities

Co., Amarillo, Texas

■

DEALER

INQUIRIES

INVITED

■

SMITH, MARK A.
F. W.

WALTER G. NELSON

Craigie & Co., Richmond, Va.

President

Charge

Corporate Department

Manager

STEWART,

HAROLD

Harold

EDMUND J. DAVIS
Vice

Stewart

S.
&

Company,

El Paso,

Arthur L. Wright &

Texas

Municipal Bond Department
STRADER,

225 SOUTH 15TH STREET, PHILADELPHIA 2

LUDWELL A.

Strader, Taylor & Co.,
Lynchburg, Va.

Inc.

Co., Inc.
•

KIngsley 5-1060

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

PLASTERER,

Secretary: Martin J. Long, The First Cleveland Corporation.

Cleveland Security Traders Association

Treasurer: James J.

Governors: Arthur W. DeGarmo, Hayden, Miller &

Co.; L. War¬

QUIGLEY, JAY L.
Quigley & Co.. Inc.

Foster, Gottron, Russell & Co., Inc.; Michael C. Hardony,
Ball, Burge & Kraus; Thomas A. Melody, Merrill, Turben &

ROSS.
Ross,

♦

LEONARD O.
Borton & Simon,

ROWLEY,

Committeemen:

National

Benjamin

McPolin,

McDonald

Securities

RUDIN,

HARMON

Ledogar-Horner

Jay L. Quigley, Quigley & Co., Inc.; Corwin L. Liston,

Wm. J.

December, 1953; Took Office: January, 1954; Term Ex¬

located

Martin J.Long

Robert L. Erb

Benjamin J. McPolin

James J. Drnek

JR., CHARLES
Baxter, Williams & Co.

J. McPolin, McDonald & Company.

McPOLIN,

MELODY,

DEALERS

DISTRIBUTORS

THOMAS

SMITH,

Edward

DONALD

Hornblower

Elyria, Ohio

STRING, RALPH E.

Weeks

Siegler & Co.

STIVER, ALVIN J.
Saunders, Stiver & Co.

Inc.

Braun, Bosworth & Co..

PIERRE It.
P. R. Smith &
Co.,

MOLNAR, ALEXANDER E.
BUCHANAN,

SIEGLER, EDWARD N.

MILLER, GEORGE D.

BOCK, ROY E.
Dodge Securities Corp.

Co.

BENJAMIN J.
Company

Merrill, Turben & Co.

Company

JAMES

SIIOKSHER, FREE A.
Ball, Burge & Kraus

Company

McDonald &

BELLE, CLAUDE W.
McDonald &

McGHEE

BEADLING, WILLIAM E.
Beadling & Co., Youngstown

Erb, Green, Erb & Co., Inc.

Vice-President: Robert L.

McGINTY, JOHN
McDonald

Devine

SCHULTE, Jr., FRANK J,
Ledogar Horner Company

Butler, Wick & Co., Youngstown

ASBECK, FREDERICK M.
Oider)|ian, Asbeck & Co.

Inc.

Gottron, Russell & Co.

MASTERS, OLAN B.

Indicated)

BAXTER,

President: Benjamin

unless

Cleveland

RUSSELL,

ROSTER OF MEMBERS

otherwise

Mericka & Co.,

RUNG, EDMUND J.

pires: December, 1954.

(Members

Company

RUFFING, JAMES

Prescott & Co.
Elected:

Inc.

RUSSELL K.
Corp.

Union

Company; Morton A. Cayne, Gottron, Russell & Co., Inc.
Alternates:

Weeks

PROSSER, GUY W.
Merrill Lynch, Pierce. Fenner & Beant

ren

Co.; Francis J. Patrick, Paine, Webber, Jackson & Curtis.

DON

Hornblower

Drnek, Prescott & Co.

Bache

Co.

Curtiss, House & Co.

Public Utility

Railroad

Industrial Securities
Invited

Securities

Inactive

Penna.

Lawrence Cook

The

PHILADELPHIA-BALTIMORE STOCK EXCHANGE

MEMBER

First

Cleveland

South

Broad

Street,

Philadelphia 9,

Philadelphia Telephone

Bell System Teletype
PH 771

KIngsley 5-2700
New
Direct

York

Private

Pa.

City

wire

Telephone:

4-5951

DIgby

Williams

Co., Baltimore, Md.

IRVING

Gottron, Russell &

CHARLES

SWANSON,

Hayden,

Co.

RICHARD

Miller &

Co.

PARSONS, Jr., EDWARD E.
Parsons & Co., Inc.

ULLMAN, RUFUS M.
Ullman & Co., Inc.

PATRICK, FRANCIS J.
Paine, Webber, Jackson & Curtis

WARDLEY. RUSSELL G.
Fulton, Reid & Co.

PERKO,

Corp.

GARMO, A. W.

Hayden, Miller & Co.

TAYLOR. JAMES N.
Ceylon E. Hudson, Wooster

WEAVER,

DOERGE, JACK O.

123

Co.

OPDYKE, GEORGE F.
Ledogar-Horner Company

& Co.

COVINGTON, HERBERT C.
Harriman Ripley & Co., Incorporated
DAVIS, CLARENCE F.

Henry B. Warner & Co., inc.

Ceylon E. Hudson. Wooster

Inc.

COOK, LAWRENCE

Active Markets Maintained

Inquiries

Morrow

NASH.

CAYNE, MORTON A.
Gottron, Russell & Co.,

SUMMERGRADE.

MORROW, FRANK W.

CAREY, WALTER J.
Cunningham, Gunn & Carey, Inc.

JOHN

ROBERT

Hornblower

J. F. Perko 8s Company

Weeks

Saunders, Stiver & Co.
DONAHUE,

JOHN R.
Joseph, Mellen & Miller, Inc.

DORE,

WILLIAM

WITT, JOHN P.

PLACKY, GEORGE
L.

J. Schultz

John

Co.

Witt

Co.

Singer, Deane & Scribner

DOTTORE, RAYMOND C.
Gottron, Russell & Co., Inc.

Underwriters and Distributors

DRNEK, JAMES J.
Prescott & Co.

PENNSYLVANIA

EBLE, HOWARD J.
Gottron, Russell & Co.,

BONDS

SECURITIES

& Weeks

Hornblower

REVENUE

ERB, ROBERT L.
Green, Erb & Co.,

Bank and Insurance Stocks

BONDS

MUNICIPAL

CORPORATE

EILERS, STANLEY M.

JANNEY for—

MARKET

GENERAL

EHRHARDT, EDWIN F.
The First Cleveland Corp.

Call

MUNICIPAL

Inc.

AND

AUTHORITY

BONDS

Inc.

FISCHER, ALBERT

Paine, Webber, Jackson & Curtis
FLEEGLE, CHARLES

active

Aspden, Robinson & Co.

Salomon Bros. Sc Hutzler

trading

Pennsylvania Tax Free

markets

Industrials Rails Utilities
Common and Preferred Shares

FOSTER,

Gottron,

WARREN

Russell &

Co.,

Inc.

Members

Philadelphia-Baltimore Stock Exchange

GAWNE, HARRY J.

1421

Merrill, Turben & Co.
GRACE. ARTHUR V.
Gottron, Russell & Co.

New

York

CHESTNUT STREET, PHILADELPHIA 2

Phone

Teletype

Philadelphia Phone

7-6814

COrtlandt

PH 313

RIttenhouse 6-8189

GRAY, WILLIAM S.
Wm. J.

Guaranteed Rails

City-County-State-Authority Issues

Merlcka & Co.,

GREEN, ALBERT B.
Green, Erb & Co.,

Inc.

WILLIAM
Green, Erb & Co., Inc.

GREEN,

HANSON, DAVID G.

New York Telephone

JANNEY & CO.

WOrth 4-2140
Bell Teletype System

1529 Walnut

PH 80

Street, Philadelphia 2

RIttenhouse 6-7700

Devine

ESTABLISHED

1912

Co.

HARDONY, MICHAEL C.

Ball, Burge & Kraus
HAWKINS, DANIEL M.
Hawkins & Co.

HAYS, GEORGE H.

Since

1907—Underwriters, Distributors, Dealers, Brokers

Will S. Halle & Co.
HLIVAK

STEPHEN

BROOKE & CO.

Wm. J. Merlcka <te Co., Inc.

Members
HOSFORD,

Philadelphia-Baltimore Stock Exchange

HARRY W.

HOTALING, A. STEPHEN
The First Boston Corporation
HUBERTY,

Retail Distributors

Underwriters

300 N. Charles St.

N. W. Corner 16th & Locust Sts.
HUDSON,

Wooster,

Trading Markets

GEORGE

Goodbody & Co.
CEYLON

Baltimore 1, Md.

Philadelphia 2, Pa.

Ohio

IRWIN, LeROY C.

Curtiss, House & Co.

Pennsylvania and General Market
Municipal Bonds

★

Jaffe, Lewis & Co.

KEIER, RUSSEL E.
Collin, Norton & Co., Toledo

High Grade Corporate Bonds and Stocks
★

JAFFE. GEORGE E.

KING.

EVERETT

Fulton, Reid & Co.

SAMUEL K. PHILLIPS 6- CO.

KOESER, ORIN E.
Blyth <fc Co., Inc.

★

1904

—

Our Fiftieth

Year

—

1954

LAFFERTY, ALAN E.
Hornblower & Weeks

Members

SCHMIDT, POOLE, ROBERTS i PARKE
Members Philadelphia-Baltimore Stock
123

SOUTH

BROAD

PHILADELPHIA

Exchange

STREET

LAUB, HENRY
Merrill

Philadelphia-Baltimore Stock Exchange

Lynch,

Pierce,

Fenner

Beane

LAZIN, ERNEST
Blyth & Co., Inc.

LISTED AND UNLISTED SECURITIES

LEWIS, MILTON B.

Jaffe, Lewis & Co.

(9),

PA.
LISTON, CORWIN L.

N. Y. Phones
HAnover 2-4556

Teletype
PH

538

Phila. Phone
KIngsley 5-0650

Prescott

Co.

1500 Chestnut Street,

LONG, MARTIN J.
The First Cleveland

Philadelphia

REctor 2-1695

Open-End Phone to New York City REctor 2-1695

LUCAS, WILLIAM
Baxter, Williams & Co.
MARSHALL, FRANK L.
The First

Philadelphia 2, Pa.

Corp.

Boston Corporation

LOcust
'

4-2600

Bell System Teletype

New York

PH 375

COrtlandt 7-6814

"* *

-<«>

Convention Number

Marshall

Fenner
New

Continued

Anton

McDaniel Lewis & Co., Greensboro, N. C.; Donald T. Regan, Merrill Lynch,
Beane, New York City; G. Harold Noke, Francis /. duPont & Co.,
City; Harry Bartold, Eastman, Dillon & Co., New York

Johnson,

Pierce,

THE COMMERCIAL and FINANCIAL

Homsey,

Company,

York

from

KIPP, JOHN D.

page

A. G. Becker & Co. Inc.

KING, CHARLES C*

KENNEDY, SAMUEL M.

Bankers

Yarnall, Biddle & Co.

Philadelphia, Pa.

Bond

Wertheim & Co.

Louisville, Ky.

New York

KENNY, GEORGE P.
KING, THOMAS E.

Drexel

Dempsey-Tegeler & Co.
Chicago, 111.

KIBBE, A. PAYNE*
Salt Lake

Boston, Mass.
McATEE, JAMES

Allen & Company

Butcher & Sherrerd

City

Philadelphia,. Pa.
LOVE, THOMAS J*
Geo. E. Snyder & Co.
Philadelphia, Pa.

McBRIDE, C. W.
*

Midland Securities Corp.

LYNCH, HOWARD J.

Co.

Toronto, Can.

Lynch
Philadelphia, Pa.

Paul &

Philadelphia, Pa.
KOESER, ORIN

KINZIE, HENRY B.

Co.

City, Utah

Continued

page

Cleveland, Ohio

Baker, Simonds & Co.

KOSEK, ERNEST*
Ernest Kosek & Co.

Detroit, Mich.

Cedar

—

Paul D. Sheeline & Co.

LOPATO, ALLAN
New York

SEVENTY-SEVEN YEARS OF LEADERSHIP

—

1954

Underwriters, Distributors, Dealers
in

Rapids, Iowa

KOSTERMAN, P. A*
Zilka, Smithers & Co., Inc.
Portland, Ore.
KRASOWICH, JOSEPH
Bonner & Gregory
New York

City

KRISAM, WILBUR
John C. Legg & Company
New York City

Corporate and Municipal

KRUG, THOMAS B.

Securities

Bioren & Co.

Philadelphia, Pa.

MOORE, LEONARD & LYNCH
Members:
New York Stock

Exchange

Pittsburgh Stock Exchange

KRUMHOLZ, NATHAN A*
Siegel & Co.
New York

City

LADD, EDWARD H*
The

First Boston

New York

American Stock Exchange

Corft.

City

LANN, JOSEPH J.

UNION TRUST BUILDING

Jos. J. Lann Securities

PITTSBURGH, PA.

New York

Teletype PG

397

First National Bank

14 Wall Street
New York City, New York
Telephone DIgby 9-3650

Building
Greensburg, Pennsylvania

Telephone Greensburg 3311
Direct

Private

Wire

3312

New

York

and

City

LARSON, HENRY N.
First Boston Corp.

Telephone ATlantic 1-0358

Greensburg

Office

Boston, Mass.
LATSHAW, JOHN
E. F. Hutton & Co.
Kansas

City, Kan.

LEAHY, CRANDON
National Quotation Bureau
Boston, Mass.

DIRECT PRIVATE WIRE

LEARY, A. M.
Barrow, Leary & Co.
Shreveport, La.
LEBEAU, IRVING C*
May & Gannon, Inc.

NEW YORK CITY

Boston, Mass.

LEE, ALONZO H.
Sterne, Agee & Leach
Birmingham, Ala.

V
©

\
REED, LEAR & CO
Members Pittsburgh Stock Exchange
American Stock

Exchange (Assoc.)

William

G. Simpson

John

Charles A. Parcells & Co.

Detroit, Mich.

Specfa'i*i*ftM
SIMPS

CUFRY &

ITT PP

LISTON, CORWIN L.

N. Y.
PA

•

PITTSBURGH

Trading

ZoL^
-

—

New York City NY 1-1420

—

Pittsburgh PGH 482

Mar^^^

Cleveland, Ohio
PLAZA

Bell Teletypes

COMPANY

"1CZ-aMunIcIp.IS.c--

Prescott & Co.

Buchanan

VcoRFOBA®rosic^(e

Meters

Hartford, Conn.

MEADVILLE

Inc., Orlando, Fla.

LIENHARD, ERNEST*
Troster, Singer & Co.
New York City
NEW YORK,

Emery

LEPPEL, BERTRAND

Coburn & Middlebrook

LEEDY, LOOMIS C., Jr.
Leedy, Wheeler & Alleman,

LIBBY, GORDON H*

Branches

LONG, MARTIN J.
First Cleveland Corp.

Cleveland, Ohio

LYNCH, JAMES J.

LONGWELL, ELMER G*
Boettcher and Company

Blyth & Co., Inc.

♦Denotes Mr. and Mrs.

1877

City

KNOB, JOHN E*

Willis, Kenny & Ayres, Inc.
Richmond, Va.

A. P. Kibbe &

KLINGLER, JOHN F.
The First Boston Corp.
Philadelphia, Pa.
KNAPP, REGINALD J*

Co.

Jr., du Pont, Homsey & Company, Boston; Anton Homsey, du Pont, Homsey
Boston; Henry C. Welch, Lilley & Co., Philadelphia; Edward W. G. Borer,
Sheridan Bogan Paul & Co., Philadelphia

Denver, Colo.

Chicago, 111.

In Attendance at NSTA Convention

CHRONICLE

BUILDING

Teletype—PG 469

•

PITTSBURGH

19, PA.

Telephone—GRant 1-1875

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Walter

Mason,

Alonzo H. Lee, Sterne, Agee & Leach, Birmingham, Ala.; John N. Fuerbacher, Walter, Woody &
Heimerdinger, Cincinnati; Robert N. Ewing, A. E. Masten & Co., Wheeling, W. Va.; Eugene F. Willis,
J. W. Tindall & Company, Atlanta, Ga.; Ralph C. Deppe, Edward D. Jones & Co., St. Louis;
Elmer G. Longwell, Boettcher and Company, Denver

& Mason, Inc.; Lynchburg, Va.; James B. Dean, J. W. Tindall &
Mrs. Nell Sheppard, Southwestern Securities Company, Dallas;
Johnson, Southwestern Securities Company, Dallas;
Chesnut, J. W. Tindall & Company, Atlanta, Ga.

Scott, Horner

Company, Atlanta, Ga.;
Samuel

J. D.

COUGHLIN, EDWARD B.
Coughlin and Company

Schlenzig, Merrill Lynch, Pierce, Fenner &

Treasurer: Ernest G.

Bond Club of Denver

Beane.

Directors: John H. Alff, Amos C.

COXHEAD, J. WALLACE
Bosworth, Sullivan to Co.

International Trust Co.

ants, The

Committeemen: Garald

National

COUGHLIN. WALTER J.
Coughlin and Company

Sudler & Co.; Aaron W. Pleas¬

D. Bachar, J. A. Hogle & Co.;

COXHEAD, Jr., J. WALLACE

Bosworth, Sullivan to Co.

Jr., Peters, Writer & Christensen, Inc.; John H.

Gerald Peters,

CRANMER, CHAPPELL

Alff, Amos C. Sudler & Co.; Lloyd Hammer, Coughlin & Co.
Alternates: Orville Neely,

Cranmer

Merrill Lynch, Pierce, Fenner & Beane.

Bosworth,

1953; Took Office: January 1, 1954; Term

December 9,

Elected:

Sullivan

CRIST,

ROSTER OF MEMBERS
located

Denver

unless

CHAPIN.
Don

EUGENE

ADAMS,

International

The

Trust

William W. Argall

William E. Sweet, Jr. Ernest G. Schlenzig

CLARK,

ALFF, GEORGE H.
National

Denver

President: Garald D.

Bachar, J. A. Hogle & Co.

Inc.

DAVIS, NORMAN
Merrill Lynch, Pierce, Fenner to Beane

Bank

PHILLIP J.
C.

Sudler

The

Co.

CLARKE, GEORGE P.
Merrill Lynch, Pierce, Fenner to Beane

DENNISON,

Secretary: William E. Sweet, Jr., Peters,

Company.

Writer & Christensen,

Inc.

CODY,

ASHCRAFT, CLARENCE
Merrill Lynch, Pierce, Fenner & Beane

The

Dobeckmun
A

diversified business selling to essential industries

the processing of

many

kinds of transparent films,
Company has grown,

foils and other materials, The Dobeckmun

in 27

years,

wrappers

from the original creators of cellophane cigar

national business serving essential industries
diversified products. For instance:

to a

with many

Hogle to

For the

maceuticals., chemicals, tobacco,

highfinish, hard-wearing, film-

metal

laminated

foods, confections, phar¬

products... hags, pack¬
age material, labels, package
wraps, box covers; in flexible
films, foils, laminated combi¬
nations.
For the electrical industry...
light-weight, space-saving in¬
sulation, in tape and sheet

graphic

arts

cover

...

stock, label

Don
Fort

For textiles

Chapin to Co.
Collins, Colo.

form, for wire, cable and

other materials for utilitarian

motors.

decorative purposes.

factured in
like

products for essential industries
Cleveland, Ohio, and Berkeley, Calif. If

know

American

about

us,

Peters, Writer to

Sudler

at
Albuquerque,
Atlanta,
Berkeley,
Boston,
Charlotte,
Chicago,
Dallas, Denver, Detroit, Houston, Indianapolis, Kansas City,
Los
Angeles, Milwaukee, New Orleans, New York, Omaha, Philadelphia,
Phoenix,
Pittsburgh, Richmond, Rochester, Salt Lake City, Seattle, St. Louis, St. Paul,
Tampa, Amsterdam, Havana, London.

Cincinnati,

BERGER,

WILLIAM

Colorado

BLICKENSDERFER, J. C.

J1L V,nown

Boettcher and Company

EUGENE W.
& Chistensen, Inc.

Writer

Loveland, Colo.

components to the automotive,
other important
tation

BOSWORTH, ARTHUR F.
Bosworth, Sullivan to Co.

every

BRERETON, WM. H.
Brereton, Rice to Co.,

Central

Bank

BROWN,

Trust

Eaton

■.
dependable supplier of

aircraft, farm implement and

industries, Eaton has held this enviable repu¬
than 40 years.

serves

manufacturers

leading

practically
Truck

Axle

Components,

Heating-Ventilating

Automotive

Systems, Leaf Springs, Coil Springs, Chrome Plated
Company

Permanent Mold

Stampings,

Gray Iron Castings, Hydraulic Rotor Pumps,

Devices,

Fastening

Spring

Wire

Forms,

Cold Drawn Steel

Bank

National

Engine Valves and Tappets,

Jet Engine Parts, Hydraulic Valve

Lifters,

Magnetic Drives and Brakes, Dynamometers, Electronic Con¬

Industrial Building & Loan

BUCHENAU, HARRY

Sodium Cooled Valves,

Valve Seat Inserts,

BRUNTON, DAVID W.

National

basic industry with volume production of Motor

Axles,

Inc.

ARTHUR
&

for

Today

BOUCHER, ROBERT

BRIDGEWATER,

COMPANY

SR., WILSON C.

Birkenmayer & Co.

Association

trols, Radiator and Fuel Tank Caps, Air Conditioning Drives,
and

Bank

numerous

additional parts.

BULKLEY, RALPH

Harris, Upham & Co.

BURKE, ROBERT W.
Boettcher and

General Offices: Cleveland 10, Ohio

Company

BURKHARDT, RICHARD

Amos

MANUFACTURING

EATON

Company

PLANTS:

BUSH, EDWIN

Creative converters of films and foils

Inc.

Bank

National

Boettcher and

Dobeckmun

Christensen,

Bank

Co.

Colorado National Bank

Colorado

Branches

First National

FORBES, RUSSELL H.
Forbes to Company

BENWELL, OSWALD

DONALD F.
Boettcher and Company

Industry". The Dobeckmun Company, Cleveland, Ohio

Bosworth, Sullivan & Co.
FLOYD, CLAYTON O.

HERMAN

BATCHELDER,

Wire,

would

NORMAN C.
Pierce, Fenner to Beane

American

write for brochure "A Typical

Peters, Writer to Christensen, Inc.

are manu¬
you

ROBERT J.

Mullen Investment Co.

The J. K.

FISHER, GEORGE

COPPS, WARD E.

Co.

BROWN,

These diversified

ROBERT

COPELAND.

fine decorative textile fabrics.
For any industry ... customlaminated films, foils and

DUNNEBECKE,

Lynch,

Merrill

Peters,

non-tarnishing,
Lurex® metallic yarn, for gar¬
ments, draperies,
upholsteries,
...

Pierce, Fenner & Beane

DOOLITTLE, CHARLES
Merrill Lynch, Pierce, Fenner to Beane

Brereton, Rice to Co., Inc.

BARKER, FREDERICK F.

Amos

IVAN

Merrill Lynch,

COLLINS, LOWELL O.
Founders Mutual Depositor Corp.

CONNELL,

Garrett-Bromfield

DOLLAR,

Bosworth, Sullivan & Company, Inc.

BAKER, ROBERT R.

BORLAND,

paper.

Co.

BAKER, DUDLEY F.
Bosworth, Sullivan to Co.

BIRKENMAYER,

For

Co.

GARALD D.

BARWISE.

Based upon

Investment

Mullen

FRANK

CONKLIN,

AYERS, ROSCOE
BACHAR,

Sudler

BUXTON, WILFRED

DINES, THOMAS

C. L.

Garrett-Bromfield & Co.

Bank

National

First

Bank

Colorado National Bank

COLE,

ASHLEY, LEO C.

RAYMOND

National

Walter & Co.

Boettcher

Vice-President: William W. Argall, Boettcher and

States

United

Denver

to Co.

WILLIAM H.
and Company

ARGALL,

GEORGE
Harris, Upham to Co.

DECKER, MARTIN
Amos

C. Sudler

State

TREVOR

DAVIS,

Bank

CLARK,
Amos

CURRIE,

Co.

Mullen Investment Co.

Colorado

GLEN B.

Colorado

JOHN H.

ALFF,

A.
Chapin Co.

Collins.

CHRISTENSEN, E. W.
Peters, Writer & Christensen,

Co.

ADAMS, FREDERIC A.

Garald D. Bachar

DON

Fort

The J. K.

otherwise indicated)

& Co.

LAWRENCE
Bosworth,
Sullivan

CRILEY,

Expires: December 31, 1954.

(Members

Co.

CRAWFORD, JOHN C.

Ohio

Co.

Saginaw

Cleveland

Battle Creek

Lawton

Vassar, Michigan

Marion

Detroit

Massillon,

Marshall

Kenosha, Wisconsin

Cruttenden & Co.

PLANTS
CAMPBELL, DONALD
Campbell-Jacobs & Co.
CARROLL, HOWARD
Carroll, Klrchner to

Jaquith,

OPERATED

Lackawanna, New York
Inc.

SUBSIDIARY COMPANIES:

London, Ontario, Canada

THE COMMERCIAL and

Convention Number

FINANCIAL CHRONICLE

New

Carroll,

Bullock

Calvin

Denver

WILIAM

National

ERNEST

HANNON.

Cruttenden

HARDY,
Amos

RICHARD
Hogle St Co.

PAUL

Boettcher

and

Company

PAUL

Colorado

The

Peters, Writer &

LEE

Amos

Co.

HUNT.

States National

LASCOR,
The

Springs, Col.

Bank

ROBERT W.
Sudler & Co.

Inc.

O. JERRY

Boulder, Colo.

Jr.,

MARBLE,

Newman

Fenner & Beane

Co.

Co.,

Colorado Springs,

Pueblo,

& Co.

ORMSBEE, JACK
Peters, Writer & Christensen, Inc.

LEON

Col.

OWENS, JOHN C.
Peters, Writer &

Christensen,

CLEVELAND

PATTERSON,

MAYER,

KARL L.

DONALD

(Continued

J. A. Hogle St Co.

Trading Markets and Distribution

BLDG.

TELETYPE

)

—

on page

Service

CV 565

For 24 Years

CHERRY 1-5050

14, OHIO

ATTENTION

OHIO SECURITIES

NASD MEMBERS
WE

INVITE YOUR

SECURITIES

COMMISSION BUSINESS IN

LISTED

ON CINCINNATI STOCK

EXCHANGE-YOU RECAPTURE 40% OF COMMISSION

Wm. J. Mericka &

CINCINNATI'S
OLDEST INVESTMENT

ESTABLISHED

FIRM

DIRECT WIRE
JOSEPH

508

TRACTION

BLDG.

CHERRY 4070

Co. Inc.

CLEVELAND 14, OHIO

1862

GEO. EUSTIS & CO.
CIN

560

Inc.

EVERETT

PRESTON M.

Corporation

MEMBERS
—

McMANUS &

NEW YORK

CO.

Col.

CANTON

MIDWEST STOCK EXCHANGE

UNION COMMERCE

& Beane

Boettcher and Company

Carroll, Kirchner & Jaquith, 1,l£.

MEMBER

O'DONNELL,

OLIN, WALTER
Garrett-Bromfield

ELMER G.

Colorado Grain

Bank

ROBERT

MOSLEY, HEYWARD E.
J. W. Hicks & Co., Inc.

NEWMAN, ROBERT

Co.,

ROBERT L.
Mitton Investments

NEELY, ORVILLE C.
Merrill Lynch, Pierce, Fenner

Boettcher and Company

Company

MYERS. J. HAROLD
Bosworth, Sullivan

KENNETH

Macart-Jones

and

PARKER,

NEIL

KIRCHNER,

Boulder, Colo.

MANNIX, ROBERT D.
Earl M. Scanlan St Co.

Bosworth, Sullivan St Co.

National

Robert

Jaquith, Inc.

Merrill Lynch, Pierce,

MAOART.

Allen Investment Company,

Cleveland and Ohio Securities

LLOYD,

LONGWELL,

KANE, JOHN W.

BERNARD

LORENZO

LINVILLE,

Peters, Writer St Christensen. Inc.

First

MITTON,

and Company

Boettcher

Co.

JAQUITH, RICHARD E.
Carroll, Kirchner & Jaquith,

KING,

Boettcher

Trust Co.

HARRY

MIDDAUGH,

KENNETH E.

LINSCOTT,

JACOBS,

KENNEDY,

International

LEFFERINK, ALLEN J.

JR., SAM
Carroll, Kirchner &

The International Trust Co.

C. FRED

MEYER,

Investment Co.

LEVY,

IRION, WILBER H.

TRADERS AND DISTRIBUTORS

L. A.
K. Mullen

Allen Investment Company,

INMAN, LARRY C.
J. A. Hogle St Co.

DONALD
Campbell, Jacobs

LAYTON, ROBERT
Garrett-Bromfield & Co.

HARRY E.

JORGENSON.

Cruttenden & Co.

McKINLEY, CARL D.
Greeley, Col.

LAWRENCE, DAVID
Boettcher and Company

Founders Mutual Depositor Corp.

of Denver

MoCONNELL, FRANK T.

HENRY A.
National Bank

KULLGREN, ELWOOD M.
Colorado State Bank

Huey Co.

HUGHES,

OSCAR
Grain Corporation

United

Christensen, Inc.

KUGELER,
Denver

WILLIAM E.
McCabe, Hanlfen and Company

McCABE,

MoCONNELL, FRANK A.
Boettcher and Company

BRUNO

KONOPKA,

W.
Company

Management Corporation

Colorado

HERSHNER, JOHN D.

Company

and

WILLIAM J.
National Bank of Denver

United States

Inc.

Co.,

HUGHES, MRS. ARLEEN W.
E. W. Hughes St Co. '

C. Sudler St Co.

Cruttenden

HUEY,
L.

HASSELGREN.

HACKSTAFF, RICHARD A.
Allen Investment Company, Boulder, Colo.
1IADLEY,

Hanlfen
HOWARD

HARRIS, GEORGE R.

GRIFFIN, LYNNE
J. A. Hogle St Co.

FRANK

Boettcher

Hamilton

Co.

GREENE,

Hicks

HUBER, HAROLD

Stone, Moore Sc Company

EDWARD A.

McCabe,

Standard St Poor's Corporation
GOODE,

Depositor Corp.

HAMMER, LLOYD
Coughlin and Company

Bank

HANIFEN,
GODFREY.

Inc.

IIIRTH,

Founders Mutual

Central Republic Company

GARRISON,

Kirchner & Jaquith,

HALL, LE ROY O.

CARL

FREEMAN,

KLEIN,

hicks, J. w.

HAGGERTY, JOHN P.

FORSYTH, ALEXANDER

Morris & Co., Philadelphia; Ed Gilleran, National Association of Securities
Willard F. Rice, Eastman, Dillon & Co., Philadelphia; Allan Foard,
Stroud & Company, Incorporated, Philadelphia

Spencer L. Corson, Elkins,
Dealers, Philadelphia;

Bradley, B. IV. Pizzini & Co., Inc., New York; Robert M. Pizzini, B. W. Pizzini & Co., Inc.;
York; N. Henry Larson, First Boston Corporation, Boston;
Mr. & Mrs.
Jack Christian, Janney & Co., Philadelphia

Walter V.

MIDWEST STOCK
EXCHANGE

62)

THE COMMERCIAL and FINANCIAL CHRONICLE

Mr.

Mrs. Grant A. Feldman, Piper, Jaffray & Hop wood,
J. Vicino, Blyth &
Co., Inc., San

Minneapolis;

Mr.

Mr. & Mrs. Walter

Mrs.

Francisco

Harry
Hicks

J.
&

Hudepohl,
Westheimer
&
Co., Cincinnati;
Co., Denver;
George H. Earnest, Fewel &

SCOTT, JR., RICHARD M.

Bond Club of Denver

Writer

Peters,

RICE, CHARLES J.

PETERS, JR., GERALD P.
Peters,

Writer to

Christensen,

Inc.

Scanlan

Garrett-Bromfield

PFEIFFER, WILLIAM L.

Harris,

Upham

ROBINSON,

Inc.

Christensen,

■

Hogle to Co

Simpson to Company
W.

SIPLE.

Harris, Upham to Co.

Co.

EATON

SMITH,

Allen Investment Company, Boulder, Colo.

Co.

Brereton, Rice to Co., Inc.

Co.

SMITH, CHARLES F.
Service Corporation

Investment

ROBINSON. RAYMOND L.

PLEASANTS, AARON W.
The

International Trust Co.

Garrett-Bromfield

SODEN,

Co.

The J. K. Mullen Investment

POWELL, JAMES
Boettcher

Bosworth Sullivan &

Company

SARGEANT.

Quinn & Co., Albuquerque, N. Mex.
RAICHLE, JOSEPH
and

Bank

Boulder, Colo.

STITT, CARL E.
J.

SCANLAN, EARL M.
Earl M. Scanlan

Christensen, Inc.

Hogle to Co.

Trust

American

Company

Stone, Moore

Reiter

Richard

Wellinghoff

John

Fischer, Jr.

Company

SUDLER, AMOS C.

to Co.

National

Jack

STONE, ERNEST E.

Sudler

Amos

SCHAEFER, F.

to Co.

SULLIVAN, JOHN J.

Bank

Bosworth, Sullivan to Co.

REFSNES, JOSEPH E.
,

Allen Investment Company,

LESLIE L.
Allen Investment Company, Boulder, Colo.

VERNON T.

Central

RAYMOND

STONDISH, ROLAND D.

SAYRE,

Company

Writer &

Peters,

Company, Inc.

Harris, Upham to Co.

RALSTON, JOHN

REECE,

Co.

ROTH, CHARLES A.

and

QUINN, ARTHUR

Boettcher

Rabinowitz-

Angeles

SIMPSON, BRYAN E.

ROBERTS, MALCOLM F.

PETTIBONE, Jr.. 0. ARTHUR
Earl

;

Mona

Los

THOMAS

SIGLER,

—

Co.,

GEORGE
■

ROSTER OF MEMBERS

Miss

Cincinnati Stock and Bond Club

Investment Service Corp.

SEEMAN,

(Continued from page 61)

Thursday, October 14, 1954

SCHLENZIG, E. G.
Merrill Lynch, Pierce, Fenner &

Refsnes, Ely, Beck to Co., Phoenix, Ariz.

Beane

SWAN, HENRY
The United States National Bank of
•

Denver

SWEET, WILLIAM
Peters, Writer to Christensen,

PARSONS

CO., INC.

Inc.

TALBOTT, J. L.
Carroll, Kirchner

Inc.

Jaquith,

TALLMADGE, MYLES P.

Tallmadge to Tallmadge

TALLMADGE, ROBERT
Tallmadge & Tallmadge

OHIO MARKETS

Charles Steffens

TETTEMER, FRANK L.
The J.

CORPORATE FINANCING

Mullen Investment

Harold

Roberts

uo.

President: Jack L. Reiter, C. H. Reiter & Company.

THARP, HARRY
King Merrltt to Co.

SPECIAL SITUATIONS

First Vice-President: Richard Wellinghoff, C. J. Devine

& Co.

TOWER, NORMAN

STEAMSHIP STOCKS

Merrill

Lynch, Pierce, Fenner & Beane

TROUTMAN,
Central

1425 N. B. C. BLDG.

CLEVELAND 14, OHIO

Phone:
TOwer

Teletype;

1-6550

Trust

Co.

Treasurer: Charles Steffens, Cincinnati Stock Exchange.

TSCHUDI, FRANK N.
Bosworth.

Sullivan

ULRICH, FRED
Coughlin and

Co.

Secretary: Harold Roberts, John E. Joseph & Co.

Trustees: Harry Filder, Jr., Ellis & Co.; Edgar J. Guckenberger,
L. W. Hoefinghoff & Co., Inc.; Arthur H. Richards, II, Field,

Company

CV 652
VAN

DERVORT, R. G.

Richards &

Denver National Bank

VERNER, OGDEN C.
Merrill Lynch, Pierce, Fenner to Beane

VINEY, F. H.

JOSEPH

Harris,

Upham

Co.; Carl G. Schirmer, Geo. EtLStis & Co.; Warren
Co.; George F. Oswald,

Woodward, Thayer, Woodward &

Smart, Clowes & Oswald, Inc.
Co.; Clair
Sr., Wal¬
ter, Woody & Heimerdinger; Paul W. Glenn, W. D Gradison

Co.

National Committeemen: Henry Arnold, Geo. Eustis &
S. Hall, Jr., Clair S. Hall & Co.; John Heimerdinger,

Harris, Upham & Co.
WALSH,

Fischer, Jr., Merrill Lynch, Pierce,

Fenner & Beane.

WILLIAM E.

Bank

Second Vice-President: John J.

& Co.

WALTER, FREDERICK D.

Originators, Underwriters, Distributors of

Walter

WARREN,

CHARLES L.

Merrill Lynch,

Pierce, Fenner & Beane

WEBB.

CORPORATE AND MUNICIPAL

SECURITIES

CHARLES

National

Charles A. Richards, Field, Richards & Co.; Lee R.
Staib, Geo. Eustis & Co.; Richard Thayer, Thayer, Woodward
& Co.; Robert W. Thornburgh, W. C. Thornburgh Co.

Alternates:

Company

W.
Bank

WELLER, HIRAM D.
Peters, Writer & Christensen,

Inc.

Underwriters, Distributors, Dealers

WHITE, HERBERT P.
Coughlin and Company

WIESNER, ALFRED A.

Carroll, Kirchner to Jaquith, Inc.
WILLARD, E. WARREN

Corporate and Municipal

Boettcher and Company

Baxter, Williams

& Co.

American

WILSON,

Union Commerce

Building, Cleveland 14, Ohio

Peters,

Chicago

Columbus

Detroit

MEMBER

Philadelphia
Minneapolis

National

ROBERT

WRITER.

WRITER,

New York

Writer

STOCK

EXCHANGE

___

HAROLD

Bank

GEORGE

Christensen,

Inc.

Peters, Writer to Christensen, Inc.
YOUMANS,

PAUL E.

Bosworth, Sullivan & Co.
YOUNG, RALPH

MIDWEST

Securities

WILLIS, J. R.

Colorado

YOUro.
Merrill

Members
New York Stock

American Stock Exchange

Exchange
Midwest

1790

Union

Stock

Springs, Colo.
A.

Lynch. Pierce. Fenner & Beam

Telephone MAin 1-2910

(Associate)

Exchange

Commerce

CLEVELAND

WILLIAM

BALL, BURGE & KB A IS
Building

14, OHIO
Teletype CV 584

Convention Number

Canavan, Rauscher, Pierce & Co., Dallas; John P. Dempsey, Kidder, Peabody
Philadelphia; Landon A. Freear, William N. Edwards & Co., Ft. Worth, Texas

John

Elected: December, 1953;

Took Office: January 1, 1954; Term Ex¬

pires: December 31, 1954.

HALL,

Jr.,

Clair

CLAIR
Hall

NEUMARK, J. H.

Company

GEORGE
Reiter & Co.

B. Buckel, Manley, Bennett & Co., Detroit; Mrs. Lee R. Staib, Cincinnati; George J. Elder,
Straus, Blosser & McDowell, Detroit; Paul W. Glenn, W. D. Gradison & Co., Cincinnati

Harry

Co.,

<fi

HAPPLEY,

ROSTER OF MEMBERS

Middendorf

Einhorn

ELLIS,

ARMBRUST, JOHN J.
"Pohl & Company, Inc.

Ellis

Harrison

HERMAN J.
&
Engler

Samuel

Harrison

Company,

Co¬

Co.

Ellis

The

Barth

FISCHER,

Co.

Merrill

WILLIAM

BERLAGE,

and

Westheimer

Ladd,

Greene

Westheimer &

Benj.

The

Harrison

Richards

Field,

Westheimer

Clancey & Co.

GRADISON,
W.

Standard

Samuel & Engler Company

DAVIS,

GREENE.

GILBERT A.

Greene

Harrison & Company

DEHNER,
Merrill

WALTER J.

Lyneh,

Pierce,

Fenner

Beane

HERBERT R.
Reusch 6c Co.

Field,

Company

Westheimer

HUGHES,

Co.

Seasongood

PHILLIPS,
W.

Co.

Bond

Corporation

Corp.,

Cleveland

(Continued

Company

IT'S

CAMPBELL

'•

•

i '

Prescott & Co.

Members New

York, Midwest and Other Principal
Stock

Joseph 6c Co., Inc.

900 National

Bond

Exchanges

City Bank Building

CLEVELAND

Corporation

IRWIN B.

14
Bell Teletype—CV 97

Telephone: FRospect 1-6300

and Company

Westheimer

and

Dayton

Company

KORTE, ARTHUR W.
C. H.

Reiter & Co.

DON D.

Gradison

Co.

LATSCHA, FREDERIC F.
Geo.

THE

Eustis & Co.

LAUFERSWEILER, MAURICE
Greene 6c Ladd, Dayton
W.

Hutton

Co.

LEPPER, MILTON
A. Lepper
6c Co.

"Security through Diversification" has been respon¬

FRANKLIN O.
6c

sible

Company

LYNCH, FRANCIS J.
Cincinnati Municipal Bond Corporation

MACK,

FANNER

MANUFACTURING COMPANY

MATTHEW

LENHOFF,

Hoefinghoff & Co., Inc.

for

the

successful

ALFRED
and Company

growth of THE FANNER

MANUFACTURING COMPANY since 1894.

PRODUCT

JAMES E.
Madlgan 6c Co., Inc.

LINES:

MADIGAN,
J.

The

Columbus

Corp.,

McCLOY, C. JAMES
Fahey, Clark & Co.
McCOY,

McCUNE,
C.

corporations

Chills

9. Industrial Plastic

Awning Hardware

Hobbing Machinery
Products

10. Marine Hardware

Stove Hardware

11. Thumb Screws &

Radiation Fittings

12. Industrial Hardware

Pipe Fittings

13.

Expansion Shields

Gray Iron Castings

14.

Drop Forgings

Thumb Nuts

Nelson, Browning 6c Co.

CO.

8. Gear

Cleveland

Chaplets

HOYT B.

First

CHARLES C.
6c

McCune

Company,

Dayton,

MEINERS, EDMUND B.

Bosworth 6c Co., Incorporated

ROBERT
A.

Middendorf

Hinsch

MIDDENDORF,

Co.,

Inc.

PLANT LOCATIONS:
1. The

Fanner

Cleveland 9,

WM. B.

2. Canadian

Co.

Manufacturing Company, Brookside Park,
Ohio
Ltd., Hamilton, Ontario

Fanner,

3. Cleveland

Corporation

Midwest Stock Exchange

LLOYD
Lepper 8c Co.

MILLER,
A.

GEORGE

MORIARTY,
W.

JAMES

Hutton

MUEHLENKAMP,

Teletype CV 443

Eustis 6c Co.

6.
7.

6th Building

CV 444

Doll

Co.

JOHN

Isphording,

Inc.

MUETHING. CARL A.

Walter,

Hobbing Machine Co., Cleveland, Ohio
Hobbing Machine Co., Ft. Lauderdale, Florida
Cleveland Foundry Division, Cleveland, Ohio

4. Cleveland

5.
MORGAN,
Geo.

CORE LISTON

Inc.

KATZ, ARTHUR V.
Cincinnati Municipal

Charles

Telephone PR 1-1571

64)

FOR OVER 20 YEARS
'

STANLEY G.
The Weil, Roth 6c Irving Co.

CLEVELAND

on page

OVER THE COUNTER SPECIALIST

Hutton 6c Co.

Braun,

National City E.

Co.

REUSCH, CARL H,

IN CLEVELAND

Jr., T. B.
Harrison, Inc.

MEYER,

Member

Inc.

McKIE,

The First Cleveland

Mayer

JACK
Reiter

Co.

KUEMMERLING,

VALLEY MOULD & IRON CORP.

and other Ohio

KORROS, FRED

Richards & Co.

MACHINE

Mayer

Harrison,

Westheimer

FEISS CO.

REITER,

Co.

Company, Inc.

KLEIN,

FANNER MFG. CO.
FORGE

REIS, THOMAS
Seasongood &

GEORGE

Gradison

ROBERT B.
Isphording, Inc.

MAHON, Jr.,

OHIO

Mayer
W.

Fox, Reusch & Co.

THOMAS

John

trading markets

Seasongood

Company

Westheimer

JOSEPH

Co.

CO.

REIS, ROBERT

Harrison & Company

Company

and

Ratterman &

Harrison

in the stock

ROBERT
&

PAULY, Jr., R. CORWIN

RICHARD

LOVELAND,

We maintain

Inc.

REIS, Jr. GORDON

JOSEPH, JOHN E.

GRISCHY, CLIFFORD H.
Field, Richards 6c Co.

and

Co.,

HUDEPOHL, HARRY J.

Co.

Ladd,

Hill

OSWALD, GEORGE
Smart, Clowes & Oswald, Inc.

Inc.

Hoefinghoff & Co.,

Breed

& Co.

Poor's

JOHN

JOHNSON,

GUCKENBERGER. EDGAR F.

DOHRMANN, WILLIAM F.
Harrison

GRISCHY LEE

DITTUS,
Fox,

JOHN

Westheimer

Breed

GREENE, HARRY T.
Greene & Ladd, Dayton

Columbus

HITZLER,

Pohl

WALTER U.

GRAY,

CRUM, JAMES F.

OSCAR

CLETUS

JOHNSON, MARK T.

GORDON M.
&

Gradison

Harrison

Stranahan, Harris & Company

JOHNSTON,

GEORGE T.
Municipal

Middendorf

CHARLES G.
Hoefinghoff & Co., Inc.

COULSON,

The

Co.

Cincinnati

GRAHAM,

Heimerdinger

Hinsch 6c Co.,

HIRSCHFELD,

Doll

H.
Company

REED,

HERBERT

ISPHORDING,

WILLIS D.

Gradison

GRADY,

STANLEY

Stanley Cooper Co., Inc.

and

Gradison

CONNF.RS, CHARLES F.
Pohl & Co., Inc.

Hinsch

Ratterman

Inc.

Co.,

Co.

JAMESON, ROBERT A.

GLENN, PAUL W.

Field, Richards & Co.

COOPER,

Heimerdinger

GESSING, LAWRENCE
A. Lepper & Co.

COMER, WALLACE J.
Charles A. Hinsch & Co.

COMPTON,

SAM

Nelson, Browning 6c Co.

Gradison

GERTZMAN,

CHAS.

HOWES,

Heimerdinger

Co.

Company

HOOD, PAUL
Seasongood 6c

OLLIER,

JOHN

EDW.

GERDING,

CLANCEY, W. POWER
W.

Hutton

HOEFINGHOFF. LEE W.

Co., Inc.

RUSSELL
Waddell & Reed, Inc.
W.

JAMES

CHAMBERS.

Beane

GEIGER,

WILLIAM
Bartlett 6c Co.

JOHN

Woody

Walter,

CART WRIGHT,

Benj.

Company

Woody

FUERBACHER,

Company

Walter,

Thornburgh Co.

CHARLES

BUTZ,

Fenner

ALFRED
Bartlett & Co.

FROEHLICH,

ROBERT O.

BUSE,

Beane

FRIEDLANDER,

Co.

J.
Middletown,

ROBERT

BROWN,

FOSTER, BYRON

Company

The

Pierce,

Lynch,

A. Hinsch &

Chas.

ROBERT
C. Thornburgh

BRINK,

Fenner

FOGEL, ROBERT

Inc.

8c Co.,

Bennett

Pierce,

FITZGERALD, LAWRENCE S.

Co.

Merrill
J.

JOHN

JR.,

Madigan

OETTINGER,

Woody

Chas. A.

Lynch,

JEAN E.

BENNETT,

O'HARA, JOHN J.
Seasongood & Mayer

HINSCH,

Co.

BARTH, JOHN L.
BECKER, FRED H.
Field, Richards &

Chas.

RATTERMAN, GEORGE

O'BRIEN, HARRY C.

Company

LEO

HEIMERDINGER, JOHN G.
Walter, Woody 6c Heimerdinger
Walter,

FILDER, Jr., HARRY A.

& Co.

WEBSTER

RANSICK, NEIL

LOTH

HEIMERDINGER, JOHN M.

Eustis

Geo.

E.
6c

HEAD, Jr., HUGH

EUSTIS, GEORGE

REGINALD

Hutton

HARRISON,
W.

E. Aub & Co.

Co.

DAVID

POOR, HENRY E.
Merrill Lynch, Pierce, Fenner & Beane

Co.

Gradison 6c Co.

NUSSLOCH,

Harrison & Company

Co.

lumbus,

AUB, A. EDGAR
BARNARD,

The

Co.

Jr.,

ENGLER,

HENRY J.

Eustis

Geo.

WILLIAM

EINHORN,

located in Cincinnati unless
otherwise indicated)

(Members

NEWBURGH,

HARRISON, HI, CHARLES L.

ARNOLD,

THE COMMERCIAL and FINANCIAL CHRONICLE

Woody 6c Heimerdinger

Poly-Cyclo Products Company, Inc., Cleveland, Ohio
Munray Products, Inc., Cleveland Ohio

Philadelphia Hardware & Malleable Iron Works, Inc.,
Philadelphia, Pennsylvania

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

CLAYTON, CALVIN W.
Clayton Securities Corp.

Boston Securities Traders Association

Cincinnati Stock and Bond Club

FRANCIS

COGGHILL,

White,

(Continued from page 63)

Weld

CONARY, WILFRED

ROSTER OF MEMBERS
D.

Bartleii <fc Co.
II, ARTHUR II.

THORNBURGH,

REYNOLDS, JOS.

Benj.

RICHARDS

The

WESLEY

RIFE, ROY E.

CONWAY, JAMES J.

Co.

4s Cabot

Moors

TOBIAS, CHARLES H.

TRITTON, THOMAS

Bache

Westheimer

Harrison

Geo.

Company

John

Joseph

Bache

Eustis

Schwarm

WEISS,
iv.L''

Hinsch

Lynch,

Westheimer
Ellis

Inc.

Company
RICHARD

JR.,
4s

WORTH,

Chas. A. Day 8s Co., Inc.

DENTON, GEORGE R. S.
Denton

Stone

and

Bache & Co.

RICHARD
Thayer, Woodward & Co.

THAYER,

White

Company

ZIEGLER, ALLEN
Merrill Lynch, Pierce, Fenner 4c Beane

WALLACE

Webster

Walker 4s Co.,

Providence, R. I.

DONNELLY, JOHN P.

James F. McCormick

D'Arcy

Salomon Bros. 4s Hutzler

DONOHUE, JOHN J.

President: Lewis D. McDowell, Charles A.
Day & Co., Inc.

Donohue 4s Sullivan

DONOVAN, WARREN
Dayton Halgney 8s Co., Inc.

Vice-President: Henry E. Tabb, Jr., Townsend, Dabney & Tyson.
Treasurer: 'Edward Hines, Chace,
Whiteside, West & Winslow,

DOUOET, LESTER T.

Inc.

Salomon Bros. 4s Hutzler

DUFFY, JAMES R.

Corresponding Secretary: James F. McCormick, A. C. Allyn and

DUNCKLEE, WILLIAM S.

Paine, Webber, Jackson 8s Curtis
Brown

Company, Inc.

CORPORATION

•
129

EAST

MARKET

INDIANAPOLIS

duPont, Homsey 4z Company

ham, Jr., Blyth & Co., Inc.; John McCue, May & Gannon, Inc.;
Moynihan, J. B. Maguire & Co., Inc.; Joseph F. Robbins, F. S. Moseley & Co.; John L. Shea, Jr., Shea & Co., Inc.

EAGAN, WALTER F.

James E.

•

INDIANA

Brothers, Harrlman 4s Co.

DYKES, ALVIN A.

Governors: Robert R. Blair, Harris, Upham &
Co.; John L. Ing¬

BUILDING
»

Corp.

DOLIBER, RICHARD

Recording Secretary: John J. D'Arcy, F. L. Putnam & Co., Inc.

INDIANAPOLIS BOND AND SHARE

Securities

Townsend, Dabney 8s Tyson

John

Company

Co.

Jr.,

DIAMOND, CLEMENT G.

Co.

WULFF, KARL

CHESTER T.

DEXTER,

WILLIAM P.

Westheimer

8s Company
Co.

DAY, WILFRED N.

Co.

Walter, Woody 4c Heimerdinger

DAY, Jr., LEON E.
Chas. A. Day 4s Co., Inc.

WOODY, MARION H.

Co.

Inc.

Company

ALBERT

Co.,v

Pont, Homsey

Donald Davis

4c Company

Eustis

Maguire

Putnam 4s Co., Inc.

DARLING, RODNEY
P.

WORK, JOSEPH R.

JUSTIN

Co.

DAVIS, DONALD

CHARLES

Richards

B>.

F. L.

WOODWARD, WARREN
Thayer, Woodward & Co.

Geo.

D'ARCY, JOHN J.

AUSTIN

Wldmann

ALBERT J.

Hutton

TERRELL,

RICHARD

and

White

WIDMANN,

Nelson, Browning 4s Co.

Jackson

Bache & Co.

STEFFENS, Jr., CHAS. H.
The Cincinnati Stock Exchange

STEVENSON,

Field,

4s Co.

Incorporated

8s Co.

DALEY, JOHN L.

Co.

WHITING,

LEE R.

S. Moseley

CURRIER, RICHARD D.

Edward Hines

Henry E. Tabb, Jr.

WHITTAKER, DAVID

SNYDER, CHAS. H.
J. E. Bennett 4s Co., Inc.

STENGER,

McDowell

J. A. White 4s Company

Lynch, Pierce, Fenner & Beane
KENNETH

Eustis

WHITE,

Bache & Co.

Geo.

Lewis

ROBERT

WHITE, DONALD

W.
Pierce, Fenner 4s Beane

STAIB,

Company

Co. '

WHEELWRIGHT,
Co.,

SMALLEY, ROBERT
Merrill

Coffin 8s Burr,

C. J. Devine 8s Co.

SIEGMAN, JACK C.
Westheimer and Company

SMITH,

Eustis

WESTHEIMER,

SHEPLER, LLOYD
Merrill

and

WELLINGHOFF,

& Co.

PETER
Seasongood 4s Mayer
SHAFFER, EARL R.
SCHWINDT,

Charles

Schirmer, Atherton 4s Co.

ROBERT

Geo.

I>.

DANIEL

Gradison

WILLIAM E.

CREAMER,

WEINIG, DAVID
Field, Richards 4s Co.

Co.

VIRGIL
and Company

SCHWARTZ.

Company

Corporation
R.

Co.

CROSBY, ALBERT

Westheimer

ALFRED

Weeden 4s

LOUIS C.
Seasongood 4s Mayer

SCHIRMER, CARL
Geo.

CRAMPTON,
C.

WANNER,

Co.

SCHWARM,

Co.

WEIL, JOSEPH B.

WILLIAM W.

Co., Inc.

Hanseatic

CROCKETT, HARRY W.

Dayton

Ladd,

Greene

York

New

HARRY

and

RICHARD

A. Day 8s

COPPENS, RAYMOND V.

WAGNER, ROBERT L.
The W. C. Thornburgh Co.

RUTI.FDGE, JOHN M.
RUXTON,

Company

Eustis

Westheimer

Inc.

& Co.,

KURT

White

Chas.

Company

VONDERHAAR,

ROBERTS, HAROLD
ROSSBACH,

COPELAND,

Company

VASEY, JOSEPH H.

GEORGE C.

RILEY,

Harrison

Co.

and

Providence, R. I.

Wellington Fund, Inc.

Thornburgh

Richards & Co.
RICHARDS, CHARLES A.
Field, Richards & Co.
Field,

Walker 4s Co.,

CONNELL, LAWRENCE

W.
Thornburgh Co.
ROBERT

THORNCURGH,

&s Co.

Harris, Upham 45 Co.
ELDRACHER, THEODORE
R. W. Pressprlch 4s Co.

ROSTER OF MEMBERS

ELWELL, REGINALD B.
Richard J. Buck 4s Co.

(All members

★

otherwise
ADAMS.

Investment Dealers and Underwriters.
in issues of Indiana Tax

located in

are

Specialists

ADAMS,

Exempt and Corporate

Indicated)

FREDERICK

Frederick

CARR, RALPH F.
Carr

Adams

Boston unless

CARTER

Co.

EMERY, FORREST S.
F. 8. Emery 4s Co., Inc.

Thompson, Inc.
HERBERT F.

ENGDAHL, ARTHUR E.
Goldman, Sachs 4s Co.

W. E. Hutton 4s Co.

ROBERT H.

CASEY, FRANCIS E.
Mixter 4s Company

Goldman, Sachs 4c Co.

FAY, NATHAN C.
Nathan C. Fay 4s Co., Portland,

ALBEE, ARTHUR L.

Securities.

Albee 8s Co.,

CHAMBERLAIN, RAYMOND E.

Inc.

ALEXANDER, ARTHUR C.

Teletype IP-298

Telephone ME 2-4321

MEMBER

MIDWEST

STOCK

EXCHANGE

Hutton

Emery 4s Co.,

Me.

FERGUSON, WM.

Inc.

Moors 8s Cabot

Co.

CHAMBERLAIN,
A.

ALTMEYER, JOHN W.
Hayden, Stone 4c Co.

Ames

RICHARD
Co.,

FERRARI, HERBERT L.

Inc.

Hornblower

CLARK, ASA F.

ATHERTON, H. HALE
Schlrmer, Atherton 8s Co.

Weeks

FIELDING, JOHN S.

Wise, Hobbs 8s Seaver, Inc.

C. J. Devine

4s Co.

ATKINSON, Sr., JAMES V.
C.

Devlne

Co.

BAILEY, BENJAMIN A.
Dayton Halgney 4s Co., Inc.

Collin. Norton

Co.

Associate Members American Stock Exchange
Members

Members

New

York

Midwest

Stock

Chicago

Board

Exchange
Exchange
of

Trade

BAILEY, WALTER R.

Josephthal 4s Co.
BAKER,

ALBERT

Smith,

Barney

Field, RicWs & Go.

8s Co.

BARRETT, JOSEPH
Long 8s Nash

ESTABLISHED 1908

BARRUS, Jr., CLIFFORD B.
Barrett 8s

BATCHELDER, JOSEPH M.
Joseph M. Batchelder 8s Co., Inc.

RUSS KE1ER, Manager

Unlisted

Company, Providence, R. I.

Trading Department

UNDERWRITERS

AND

OF MUNICIPAL

BATES, CURTIS S.

Draper, Sears 4s Co.
BEACHAM, HAROLD

DISTRIBUTORS

& CORPORATE

SECURITIES
R.

Josephthal 4s Co.

GARDNER BLDG., 506 MADISON AVE.

TOLEDO, OHIO
Telephone ADams 6131

Bell System

BERNARD, Jr., HUBERT N.
Schlrmer, Atherton 4s Co.
BLAIR,

Harris,

Teletype TO 190

BOSS,

1556 Union Commerce

ROBERT

CLEVELAND

Upham 4s Co.

CHARLES

Broad

Telephone PRospect 1-2770

Street Sales

Bldg.

14, OHIO

Teletype—CV

174

1707 Union Central

CINCINNATI

Bldg.

2, OHIO

Telephone Main 3776
Teletype—CI 197 & CI 150

Corp.

BOWERS, MAURICE A.
Bowers 4s Company,

BRADLEE.

Hemphill,

We generally have buying and selling orders in the

following list of

over

the counter securities:
Atlantic Register

Engineering

Bessemer Limestone & Cement

Ohio Leather

Bessemer Securities

Ohio Water Service

Commercial Shearing & Stamping

Peerless Cement

Federal Machine & Welder

Valley Mould & Iron

Industrial Silica

Youngstown Steel Car

Noyes

Co.

BRADLEY, WILLIAM
May 8s Gannon, Inc.

BRAGDON, J. ROGER
Goldman, Sachs 4s Co.
BREEN,

Aetna Standard

Portland, Me.

2nd, DUDLEY H.

FRANK

Schlrmer, Atherton

Co.

BRUGGEMANN, LESTER
Baldwin, White 4s

Co.

BURKE, Jr., WILLIAM J.

BURNS, WALTER T.
Burns, Barron 4s Co., Portland,

CANFIELD, LLOYD
New

England

Trust

John

UNION

NATIONAL

BANK BUILDING

YOUNGSTOWN 1, OHIO
Telephone Riverside 4-4351

Cannell

Moseley
FRED

403 DIXIE

TERMINAL

CINCINNATI 2

8s Co.

CAREW, JOSEPH

CARR.

MUNICIPAL BONDS
Me.

Co.

CANNELL, JOHN

BUTLER, WICK & CO.

Walter, Woody & Heimerdinger

May 4s Gannon, Inc.

BURNETT, PETER
Minot, Kendall 4s Co., Inc.

Co.

Tucker, Anthony 4s Co.
CARR, JOHN F.

Hayden, Stone 4s Co.

65
Convention

THE COMMERCIAL and FINANCIAL CHRONICLE

Number

Lee Higginson Corporation

HAVEY, JOSEPH

Vance, Sanders

(Honorary)

Company

HERLIHY,

GALVIN, JAMES J.

May & Gannon, Inc.

Sherman Gleason St Co.,

Hooper-Kimball, Inc.

Inc.

HOMSEY, ANTON E.

GODDARD, JAMES H.

Goddard & Co., Inc.

Clayton Securities Corp.
W.

Dayton Haigney St Co., Inc.

HURLEY, HERBERT E.

LEAMAN F.

Hornblower

Sachs St Co.

HUTCHINSON, Jr., JAMES A.
Hutchinson St

Co., Worcester

Harkness & Hill,

Incorporated

INGALLS, ROBERT U.
Tucker, Anthony St Co.

HARRINGTON, FRANK T.
H. D. Knox St Co., Inc.

INGHAM.

Jr., JOHN L.
Blyth St Co., Inc.

Baldwin, White St Co.

HARSON, FREDERICK L.
Fraser,

Phelps

Company

JEROME M.
Coffin & Burr, Incorporated

INGALLS,

HARKNESS, ROBERT B.

HARRIS, HOWARD

Weeks

The First Boston Corp.

F. S. Moseley St Co.

HANRAHAN, PAUL B.

Dwinnell,

HUSSEY, EUGENE R.

HALLIWILL, BIRNEY S.

Sibley St Co.

Wise, Hobbs St Seaver, Inc.

Sachs St Co.

Hanrahan

HURLEY, EDMUND J.

HALEY, DAVID A.

Goldman,

Co., Inc.

HUNT, WILLIAM P.

HAIGNEY, DAYTON P.

HALLETT,

L. Albee &

HUGHES, FRANCIS J.

& Co.

Brittain Kennedy

Co.,

Providence,

JACOBS, BERT L.
Halsey, Stuart St Co. Inc.

Pressprich

WILLIAM E.
Globe
(Honorary)

Boston

White, Weld & Co.

Co.

MOORE,

Kirwan

O'LEARY, PAUL J.
R.

PARDEE, MILTON I.

Tripp St Taber, New Bedford, Mass.

Company

PARENT, FREDERICK
Lee

Stone

Providence, R. I.

Lahti

Matthew

Co.,

Adams,

LAMONT, NICHOLAS
Lamont & Co.

Lang St Dadmun, Inc.

LEAHY, CRANDON
National Quotation Bureau

(Honorary)

IRVING C.

Incorporated

POWERS, EDWARD F.

Hodgdon St Co.

Inc.

PRESCOTT,

WILLIAM

PUTNAM, JOHN A.
W.

E. Hutton St Co.

QUINN, DANIEL L.
Schirmer, Atherton St Co.

MURRAY, RICHARD E.
May St Gannon, Inc.

REED, LESTER F.

Preston, Moss St Co.

Fenner

Beane

REILLY, ARTHUR H.

Josephthal St Co.

NEWMAN, LEO
American

lerner, louis C.

Corporation

William S. Prescott & Co.

NEEDHAM, CARLETON
Merrill Lynch, Pierce,

ALAN C.

Arthur W. Wood Company

Inc.

MURRAY, RAYMOND M.
Tucker, Anthony St Co.

May St Gannon, Inc.

Webster Securities

POTTER, J. RUSSELL

Chace, Whiteside, West & Winslow, Inc.

LAWRENCE, EDWARD W.
Hemphill, Noyes & Co.

Burr,

Stone

Newton,: Mass.

Co.,

MURPHY, TIMOTHY D.

The First Boston Corp.

Weston W. Adams St Co.
PILL8BURY

MURPHY, ARTHUR C.
A.
C. Allyn and Company,

LARSON, N. HENRY

LELAND,

MUNN, P. JUDSON
Jackson St Company,

LANG, HAROLD F.

LeBEAU,

Mudge

PIERCE, RALPH W.

MUDGE, JOHN G.

Inc.

Corporation

Townsend, Dabney & Tyson

MOYNIHAN, JAMES E.
J. B. Maguire St Co., Inc.

LAHTI, W. HENRY

Securities

WESLEY

WILFRED

PERHAM,

Inc.

KUMIN, EMIL
Estabrook St Co.

Webster

Townsend, Dabney & Tyson

MOTLEY, JR., EDWARD
Fund,

PATNODE,

MOSSOP, WALLACE L.

Boston

Corporation

Higginson

PARSLOE, GEORGE S.

MORRISON, JAMES A.
Townsend, Dabney St Tyson

;

& Co.

Pressprich & Co.

J. B. Maguire St Co., Inc.

Corporation

Hanseatic

OPPER, EDWARD J.

FREDERICK S.

York

Barrett St Company,

KIRWAN, THOMAS A.
Thomas

Weeks

Hanseatic Corporation

MOREY, GEORGE P.
R. W. Pressprich St Co.

KILNER, GEORGE M.
Brown, Lisle St Marshall, Providence, R. I.

Coffin

JONES,

HART, JOHN J.

York

Mixter

Spencer Trask & Co.

MOORE, GEORGE E.

KENT, RODNEY P.

Worcester

Company,

Co.

Securities

New

NOWELL, RICHARD CARLTON

BRITTAIN

KENNEY, PHILIP F.
E. M. Newton St Co.

Townsend, Dabney St Tyson

Goldman,

KELLER, HERMAN J.
Brothers

Co.

MOORE, ALEXANDER W.

IRVING E.

Homsey St Company

Bank

New

Keller

R. L. Day St Co.

MONTAGUE, THOMAS

KEANE, J. FRANK
Elmer H. Bright & Co.

KENNEDY,

NOONAN, THOMAS H.

Pressprich

Hornblower

Inc.

HORMEL, EDWARD F.
Day Trust Company

GUTHRIE, ELWIN A.
Reed

Pont,

HOUGHTON, CHARLES G.

GRIFFIN, HENRY F.
A. C. Allyn and Company, Inc.
GUNN,

West St Wlnslow,

H1XON, REGINALD T.

GLEASON, SHERMAN

J. H.

Whiteside,

National

Second

IIINES, EDWARD F.

Chace,

GEORGE

KEALEY,

EDWARD

Walter

NEWTON, DEXTER
H. P. Nichols, Inc.

Bureau

News

MONROE, PAUL B.

Bank

Draper, Sears St Co.

L. Putnam & Co., Inc.

GANNON, JOSEPH

Boston

Co.

(Honorary)

JULIAN, JAMES
National Shawmut

"Herald-Traveller"

Boston

FOSTER, Jr., HATIIERLY

Brown, Garrett & Co., Dallas, Tex.; John Bayne, Rotan, Mosle & Co., Houston;
Saunders, Dominion Securities Corporation, New York; John J. O'Kane, Jr.,
John J. O'Kane, Jr., & Co., New York

MERIGAN, THOMAS F.

JORDAN, Jr., G. C.
>
R. W. Pressprich &

HASTINGS, FRANCIS

FOSTER, FREDERICK H.

Edmond

Kennedy, Yarnall, Biddle <6 Co., Philadelphia;
Rubin Hardy, First Boston Corporation,
Philadelphia;
Coit Williamson, Schmidt, Poole, Roberts & Parke, Philadelphia;
Robert A. Torrens, Harriman Ripley & Co., Incorporated, Philadelphia

Samuel

Securities

(Continued

Corporation

on page

66)

Lerner St Co.

CARL

LEVINE,

Richard J. Buck & Co.

Jr., FREDERICK T.
Trusteed Funds, Inc.

LEWIS,

STATE AND MUNICIPAL BONDS

Corporate and Municipal

WARREN A.

Weeden St Co.

LINDSAY, HERBERT N.

Securities

J. H. Goddard St Co.. Inc.

WILLARD

LOCKE,

Salomon

GILBERT M.

Hutton

KERM1T SORUM

OSCAR BERGMAN

Shea

IRVING J. RICE & COMPANY

Co.

JAMES E.

LYNCH

Trading Dept.

Hutzler

Bros.

LOTHROP,
W.

Fred S. Goth—Mgr.

JOSEPH

LOMBARD,

TWIN CITY STOCKS

Safe Deposit St Trust Co.

Boston

INCORPORATED

Company,

Inc.

Members

Midwest

Stock

Exchange

LYNCH, JAMES J.
Sheeline & Co.

Paul D.

Allison -Williams Company
MINNEAPOLIS, MINNESOTA

MacDONALD,

TWX MP 163

ATlantic 3475

J. RENWICK

Paine, Webber, Jackson St

Robert

Incorporated

& Co.,

Baird

bank

building

MINN.
Telephone CApital 4-1881

Teletype ST P 30
Private

BONNER & GREGORY

HAROLD
W.

national

ST. PAUL 1,

Curtis

MacDONALD, WILLIAM G.
New York Hanseatic Corp.
MADARY,

Phone:

first

Wire

—

System

DEMPSEY-TEGELER & CO.

Open End Telephone to Minneapolis—-Midway 6262

Wis.

Milwaukee,
(Honorary)

MAGUIRE, JAMES B.

Co., Inc.

J. B. Maguire St

maguire, JOHN e.
May St Gannon, Inc.

MANN, Jr., GEO. P.
Mann St Gould, Salem, Mass.
MATHIS, Jr., JOHN

MAX,
established

MAY,

Corporation

Kalman &

RICHARD L.

H. C.

1895

Securities

American

Wainwright St Co.

MEMBERS

WILLIAM F.

May St Gannon,

Company, Inc.

MIDWEST

STOCK

EXCHANGE

Inc.

UNDERWRITERS & DISTRIBUTORS

McAllister, Jr., henry p.

CORPORATE & MUNICIPAL SECURITIES

McCORMIOK, Jr., JAMES F.
A. C. Allyn St Co.

Frederick C. Adams St Co.

Walker
AMERICAN

STOCK

YORK

STOCK

MIDWEST

CORPORATE & MUNICIPAL SECURITIES

& Co.

(G. H.)

EXCHANGE

STOCK

McCUE, GERARD

MEMBERS
NEW

UNDERWRITERS & DISTRIBUTORS

(ASSOCIATE)

EXCHANGE

McCUE, JOHN A.
May St Gannon, Inc.
Mcknight

Mcdowell,
Chas.

lewis d.
Co., Inc.

Day St

ENDICOTT

building

MINNEAPOLIS

ST.

1, MINN.

TELETYPES—

teletype—

McTAVISH, WILSON C.
A.

GREAT FALLS

BILLINGS

Ames

Co.,

Inc.

McVEY, FREDERICK V.
Childs, Jeffries St Thorndike, Inc.

MP 120

BLDG.

PAUL 1, MINN.

ST P

(Corporate Dept.)

117

(Municipal Dept.)

Mr. &

Mr.

Mr. & Mrs. Harry L. Arnold, Goldman,
Crandon Leahy, National Quotation Bureau, Boston

McGivney, Hornblower & Weeks, New York;

Mrs. Jim
Sachs

Co., New York;

SHEELINE,

Pressprich

RICHARDSON,

ROSS.
Carl

JOSEPH

Moors

Moseley Si Co.
CARL K.
K.

Ross

Portland,

SMITH,
&

Co.,

Inc.,

C. J.

Barney

SCRIBNER,
Scribner

Co.

Co.,

Meredith,

John

Sessler

Shea

Sheehan

JR.,
&

DANIEL

STEMBRIDGE,

Distributors

Co.

Providence,

Mass.

^—

THOMPSON, WILLIAM S.
Carr Si Thompson, Inc.

ALFRED R.

Group, Incorporated

Coburn

Weeden

Easter

Howard W. Jones

Vice-President: F. Kenneth Easter, Dean Witter & Co.

Beane.

TIRRELL, JOHN
Star Printing Co.

Treasurer: Howard W. Jones, National Securities Corp.

Mlddlebrook,

TOWNSEND,

MARSHALL

F. Kenneth

Patten

Secretary: David W. J. Paden, Merrill Lynch, Pierce, Fenner &

TOOHEY, CARROLL W.

THE

William T.

President: William T. Patten, Jr., Blyth & Co., Inc.

TAYLOR, Jr., JOHN R.
Taylor 8c Co., Inc.

STANLEY, Jr., GEORGE A.
Schirmer, Atherton Si Co.

Company

SHEEHAN,

Cuinmings,

WALTER T.

Taylor Si Co., Inc.

STANLEY
Burgess Sc Leith

Co.

Joseph

TAYLOR, JOHN R.

SPORRONG,

SHEA, Jr., JOHN L.

Co., Inc.
J.
Co.

TABER, RICHARD D.
Tripp & Taber, Fall River, Mass.

Inc.

SESSLER, JOHN G.

Security Traders Association

TABER, ELLIOT C.
Tripp Si Taber, New Bedrord,

Inc.

R. I.

SPENCE, W. FREDERICK
Townsend, Dabney & Tyson

PAUL A.
Si

Snyder,

TABB, Jr., HENRY E.
Townsend, Dabney Si Tyson

MYER M.

Investment

Providence,

Kidder, Peabody Si Co.

HERBERT

Michael

SCHUERHOFF, ROLAND

Smith,

SWIFT,

Si Cabot

SOFORENKO,

Co.

Everett

Donohue Si Sullivan

Maine

Devlne

Seattle

York;
Y.

SWENSON, CARL J.

Blyth Si Co., Inc.

RYALL, EUGENE J.

Sterling, Grace & Co., New
Snyder & Co., Syracuse, N.

SULLIVAN, ROBERT W.

ERNEST W.

SMITH, CHARLES 11.

JOHN

Hutton

George Frings,

SULLIVAN, JOHN P.
Smith, Barney Si Co.

American Securities Corp.

Lerner Si Co.

ROBBINS,

PAUL D.

Sides, Morse Si Co., Inc.
SLIFER,

Putnam

W. E.

SIDES, W. RANDOLPH

P. S. Moseley Si Co.

RINALDI, JOSEPH M.

SULLIVAN,

Paul D. Sheeline Si Co.

Co.

JOSEPH

ROSTER OF MEMBERS

FRED
W.

Baldwin, White & Co.

(Continued from page 65)

RICE,

Mrs.

SULLIVAN, Jr., JOHN

SULLIVAN, JAMES E.

Boston Securities Traders Association

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

CURTICE

Incorporated

Alternate:

Co.

C. J.

Devlne

Homer

Co.

Phillips, Pacific Northwest Co.

Bateman, Pacific Northwest Company.

Elected: November 2-3,

TUCKER, LESLIE A.

CO.

National Committeeman: Josef C.

1953; Took Office: January 28, 1954; Term

Expires: December 31, 1954.
VAUGHN, HAROLD F.
Doremus

Co.

ROSTER OF MEMBERS
WADSWORTH, ARTHUR G.
Arthur

WE MAINTAIN MARKETS IN

New

Wadsworth

Co.

Bedford

Coffin

ATKINSON, Jr., REILLY
H.

WAGNER, ALFRED
Burr,

BATEMAN, HOMER J.

P. Pratt 8t Co.

Pacific

Northwest

Company

Incorporated

UNLISTED WISCONSIN SECURITIES

WALKER, HARRY R.

Milwaukee 2, Wis.

WALSH, FRANCIS P.

765

NORTH

WATER

E
~

STREET

MARQUETTE

•

8-8130

E
=

TELETYPE MI 461
CHICAGO-—-Phone

RAndalph

White, Weld & Co.

6-5900

££

5iiiimiimiiMmimmMmimimiiiMiiMiimmmiiiiiiiuiiiimiiiniiiiiJiiiimiE

Walsh

SERVING

Son

n eartland

WARD, FRANCIS V.
H. C.

Walnwrlght & Co.

THE

WARING, LLOYD B.
Kidder, Peabody & Co.

OF A RICH STATE

WARREN, Jr., LOWELL A.
First

Boston

Corporation

WEEKS, Jr., ROBERT S.
F.

Moseley

Co.

WELLS, CARL V.
Paine, Webber, Jackson Si Curtis

WELLS, RAYMOND
Bishop-Wells Co.

Corporate and Municipal Securities

WHITCOMB, BURTON F.
Harriman

Ripley & Co., Inc.

WHITCOMB, REGINALD

Spencer Trask & Co.

WHITE, BENJAMIN F.
Baldwin, White Si Co.

WHITTEMORE,

The Milwaukee Company
207

EAST

MICHIGAN

MILWAUKEE

STREET

DONALD

Whittemore & Co.

WILLIAMS, T. EDMUND
Hooper-Klmball, Inc.
WINN, PHILIP D.

2, WISCONSIN

Member Midwest Stock

Salomon Bros.

Exchange

Si Hutzler

WINSLOW, Jr., A. N.
Chace, Whiteside, West Si Winslow, Inc.
WOGLOM, ALBERT G.

Goodbody & Co.
Sole

owner

of:

WOLL, ALBERT J. T.

Edgar, Ricker & Co., Distributor and Manager

WISCONSIN

INVESTMENT COMPANY

Telephone

Teletype

BRoadway 6-6075
GREEN BAY

CHICAGO

MI-581

MADISON

Newton

WOLLEY, SUMNER R.
Coffin

Burr, Incorporated

electric

348

company

service

serves

busy Iowa communities look
and

for

gas

the heartland of

service.

this company

A great, fast-growing

rich state—and

serves

well!

WOOLLARD, HAROLD H.
Coburn & Mlddlebrook,

YOUNG,

WAUSAU

ST. PAUL

Call the roll

Co.

for

Brown
•

Incorporated

HERBERT W.

Brothers Harriman & Co.

IOWA ELECTRIC LIGHTS POWER

YOUNG, RODERICK T.

ZUCCARO,
First

ALFRED

Boston

ZUCCHELLI,
J.

Corporation

LOUIS V.
B. Magulre & Co.

General Offices:

Cedar

Rapids, Iowa

Convention Number

Mr.

BERRYMAN,

THE COMMERCIAL and FINANCIAL CHRONICLE

Mrs.

Maguire,

CLYDE

STEIN,

Merrill Lynch, Pierce, Fenner & Beane

BISSELL. M. LAWRENCE
Securities Exchange, Inc.

Maguire

Co.,

Inc.,

SWANTNER,

TAYLOR. C. ARNOLD
Wm. P. Harper Ac Son

Stein

OSCAR

Witter

VEADON,
Bank

Co.

Harold

Mrs.

Boston

WALDEMAR L.

Bramhall

Dean

Co.

GORDON

California

Witter

Co.

Witter

Marshall

H. M. Byllesby and Company

HARTLEY, TALBOT
Wm.

Inc.

Co.

CLINTON

FOULDS,
Foster

Ranson-Davidson Company,

The

Co.

Wichita Bond Traders Club

EASTER, F. KENNETH
Dean

Investment

Inc.

The Ranson-Davidson Company,
VINK, DIRK W.

EASTER,
Dean

Rittenoure

Newark, N. J.

Company

EDWARD

Roos,

STAMPS, JAMES R.
Inc.

RITTENOURE, LAWRENCE W.
The

Northwest

Mrs. J. William

York;

First Securities Company of Kansas,

DANIEL, ROBERT E.
Pacific

Smith, New

RAY T., JR.

REED,

(Incorporated)

Harper Ac Son Ac Co.

HEMPHILL, WALDO
Waldo

Hemphill

Co.

HENSHAW, ROBERT F.
Bank of California, N. A.

JOHNSON, PAUL G.
Blyth Ac Co., Inc.

stocks

bonds

JONES, HOWARD W.
National Securities Corp.

JONES, JACK E.
Blanchett, Hinton & Jones,

Inc.

J. BARNEY
Hughbanks Incorporated

LEE,

Public

LEWIS, JOHN S.
John

Inc.

Lewia,

Utility—Industrial

Warren Cortner

Don H. Alldritt

MACLEOD, EDGAR B.
MacLeod

MOREHEAD.
The

Pacific

NATHANE,

ERWIN
National

Pierce, Fenner & Beane

Vice-President:

RAFF,

Co.,

—

Philadelphia

Teletype CG 273-2860
—

Minneapolis

ROY

First Securities Company of Kansas,

Inc.

ALLDRITT, DON H.
Securities

Mid-Continent

Inc.

Northwest

York

Company,

Inc.

BARRETT, H. M.
First Securities Company of Kansas, Inc.
BROOKS,

Company

WAR

Brooks Ac

ROBERT
Northwest Company

CLINGER,

Pacific

A.C.ALLYN«®COMPANY

Company
D.

Incorporated

Lathrop, Herrick Ac Clinger, Inc.

ROHDE, JOHN £
John R. Lewis, Inc.

Underwriters

CORTNER, WARREN

SANDERS, SIDNEY J.
Foster

Telephone Financial 6-4600
New

PRESTON,

LEONARD
Ac

135 South La Salle Street, Chicago 3

ROSTER OF MEMBERS

PHILLIPS, JOSEF C.
Pacific

Exchange (Assoc.)

Com¬

Inc.

DAVID
Lynch, Pierce, Fenner & Beane

Grande

Ranson-Davidson

Secretary-Treasurer: Don K. Clinger, Lathrop, Herrick & Clinger,

PATTEN, Jr., WILLIAM T.
Blyth As Co., Inc.

PERRY,

The

Co.

PACCO, JOHN
Blanchett, Hinton & Jones, Inc.
Merrill

Cortner,

Inc.

pany,

OPER, WILLIAM H.

PADEN,

Warren

Exchange

Philadelphia-Baltimore Stock Exchange
■

American Stock

NELSON, MARTIN O.
Nelson, Scoville & Co., Inc.

■'</.'

Inc.

Seattle

Members Midwest Stock

Alldritt, Mid-Continent Securities Company,

Don H.

President:
Bank

ROBERT A.

Merrill Lynch,

Walston

Railroad

Co.

ROBERT M.

MacRAE,

—

Municipal Bonds

The

Ranson-Davidson

Company,

Inc.

Ac Marshall

•

Dealers

•

Distributors

•

Since 1912

Underwriter CONCORD FUND, Inc.

McKINNEY, WILLIAM A.

SCHLICTING, HUGH R.
Wm. P. Harper Ac Son Ac Co.

Lathrop,

Herrick Ac. Clinger,

MORAWITZ,

SOHA, Jr., ANDREW
Seattle Trust and Savings

First Securities

Bank

Inc.

CARL A.
Company

of Kansas, Inc.

Chicago

New York

Boston

Nantucket, Mass.

Concord, N. H.

Omaha, Neb.

Decatur, III.

Peoria, III.

Flint, Mich.

Philadelphia, Pa.

Grand

Rapids, Mich.

Portland, Me.

Kansas

A. G. Becker & Co.

Aurora, III.

City, Mo.

Quincy, III.

Lexington, Kentucky

Rockford, III.

Madison, Wis.

South Bend, Ind.

Milwaukee, Wis.

INCORPORATED

Spokane, Wash.

Established 1893

Minneapolis, Minn.

Waterloo, la.

Moline, III.

Wausau, Wis.

AjOAUXN&CO.
Members

Members of
New York

Stock Exchange

Midwest Stock Exchange

American Stock Exchange

San Francisco Stock Exchange

New York Stock

Exchange

American Stock

Midwest Stock Exchange
Exchange (Associate)

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Henry B. Warner, Henry B. Warner & Co., Philadelphia; John P. Haggerty,
Jaquith, Inc., Denver; Trevor Currie, Denver

John McLaughlin, McLaughlin, Reuss & Co., New York; Joe Monahan, J. A. Hogle & Co., New

Carroll, Kirchner &

Harry

ROSTER OF MEMBERS

Memphis Security Dealers Association

ALLEN, HARRY
Merrill Lynch, Pierce, Fenner to Beane
BOYCE,

Michels,

Allen

Company, New

York;

York

McCUTCHEON, CHARLES R.
Securities & Exchange Com¬
mission, Washington, D. C.

McCUSKER, HELEN M.
Chas. A.- Taggart & Co., Inc.

Philadelphia, Pa.

GEORGE L.

Francis
BUBCH

Pont

Co.

BROWN

Merrill

Lynch, Pierce,

Fenner

Beane

CROSSETT, E. GORDON
Flrat

The

National

Bank

CURD, H. PRICE
Federal Securities

Co.,

COMPETE UNLISTED

Inc.

FOSTER, WALTER T.
Carl M. Loeb, Rhoades to Co.

SERVICE FOR

FREDERIC, FRANK D.
Equitable Securities Corporation

DEALERS

GRISSOM, WILLIAM
Union Planters National

HARRIS, RICHARD S.
M. A. Saunders to Co., Inc.
★

HUDGIN8, JACK L.
Merrill Lynch, Pierce, Fenner to Beane

Reed M. McPhillips

H. Price Curd

Frank D. Frederic

Bank

Willaim R. Grissom

Frederic, Equitable Securities Corporation.

Vice-President: H. Price Curd, Federal

Secretary: Reed M.

Securities Co., Inc.

Mid-South

Bache

Securities

Co.

Doyle, O'Connor & Co.

Co.

LANCASTER, JAMES C.

135

Salle

St.

CHICAGO 3

♦

Union Planters Nat'l Bank

LEEKER, JUSTIN

McPhillips, Bullington-Schas & Co.

Grissom, Union Planters National Bank.

Treasurer: William R.

★

JORDAN, ROBERT H.
KITTLE, CHARLES M.

President: Frank D.

★

Bradford

Co.

LEFTWICH, WILLIAM

GROOM

Leftwlch to Ross

LIMERICK, AYLETT B.
Goodbody to Co.
MCPHILLIPS, REED M.
Bulllngton-Schas & Co.
MITCHELL.

BROKERS and DEALERS

The

With Own Private Wires to
Los

Angeles, Cal.

P. O'Rourke 8c Company

RISON, SAM
Standard Securities Co.

Milwaukee, Wis.

Sheboygan, Wis.

ESTABLISHED 1932

RADER, R. BRUCE
Clark, Landstreet & Kirkpatrick, Inc.

St. Paul, Minn.

EARLY F.
First National Bank

PERSON, HARRY O.
Goodbody to Co.

INVESTMENT SECURITIES

ROBERTS, JACK D.
Bulllngton-Schas & Co.
ROSS. HOWARD C.
Leftwlch to Ross

William A. Fuller & Co.
Members

STREET

209

DEarborn 2-5600

SALLE

CHICAGO

•

M. A. Saunders to Co.,

Inc.
CHICAGO 4,

SAUNDERS, ROBERT
M. A. Saunders to Co., Inc.

of Midwest Stock Exchange

Tel.

BOARD OF TRADE BUILDING

SAUNDERS, M. A.

Teletype CG 146-147

SCHAS, FRANCIS D.
Bullington-Schas to Co.

ILL.

TELETYPE

TELEPHONE

CG 391

HARRISON 7-4245

SPRAGINS, R. WENDELL
R. W. Spragins to Company

THOMAS, Jr., J. NICK
Memphis Securities Company

THOMPSON, EDWARD F.
Union Planters Nat'l Bank

TREXLER, R.

FRED

J. C. Bradford to Co.

WARD, B. FRANK

Fairman, Harris & Company, Inc.
Members:

New

York

Stock Exchange

—

Midwest Stock Exchange

Bradford

Co.

WHITMAN, A. L.
Bulllngton-Schas As Co.
WOOTEN. ROGER
R. B. Wooten

Company

Arthur M. Krensky & Co., Inc.

Distributors of

Corporate and Municipal Securities
•

Continued

from

page

In Attendance at

209 S. La Salle Street

NSTA Convention

Chicago 4, Illinois

Members
New York Stock
American Stock
Midwest Stock

•

52 Wall Street
Gary,

Indiana

New York 5, N. Y.
—

Emporia, Wichita

Sallna, Garden City, Kan.

Direct Private Wires to:

New York Hanseatic

WEST

JACKSON BLVD.

ILLINOIS

Exchange

Chicago Board of Trade

Phone; HArrison 7-7727

McCOOK, ROBERT*

Corporation, N. Y.

Philadelphia, Pa.
McCULLEY, RADER C*

SPECIALISTS IN LOCAL MARKETS

WE HAVE A COMPLETE TRADING

DEPARTMENT

WITH DIRECT WIRES TO MOST ALL FINANCIAL

First Southwest Co.

Dallas, Texas

COMPLETE TRADING FACILITIES

141

CHICAGO 4,

Hecker & Co.

W. E. Hutton & Co., N.

McCLEARY, GEORGE M*
McCleary & Co., Inc.
St. Petersburg, Fla.

Exchange
Exchange

McCULLEN, WM. J.
Hendricks & Eastwood

Philadelphia, Pa.
'Denotes Mr. and Mrs.

CENTERS OF THE U. S. A. AND CANADA.
WE INVITE YOUR INQUIRY

THE COMMERCIAL and

Convention NumJber

Corporation,

Hugh
Kearns, American Securities
Corporation, New York; Mr. & Mrs.

Chicago;

FINANCIAL CHRONICLE

Adolph

Freeland, American Securities
St. Petersburg, Fla.

Starkel,

Stephens,

Hornblower & Weeks

Cleveland, Ohio

New York

City

Detroit, Mich.

Mclaughlin, john f *
McLaughlin, Reuss & Co.
New York City

McELYEA, Mrs. ANNIE

First Southwest Co.

MACRAE, COLLINS L*
Wulff, Hansen & Co.
San Francisco, Calif.

McMAHON, VINCENT

A. C.

Hecker & Co.

MAGUIRE, F. E*

McMANUS, JOSEPH*
Jos. McManus & Co.

Philadelphia, Pa.

Stroud & Company, Inc.

Philadelphia, Pa.

New York City

*Denotes Mr. and Mrs.

SPECIALIZED

PROMPT

dealers in New York

clear for

MURPHY, HAL*
Commercial & Financial

Pittsburgh

Chicago

Cleveland.

New York City

Chronicle, New York City

NOKE, HAROLD

Francis I. du Pont & Co.
New York

City

OETJEN, HENRY*
McGinnis & Co.

MURRAY, FRANK J*

New York

Laird, Bissell & Meeds
New Haven, Conn.

May & Gannon, Inc.
Boston, Mass.

City

Continued

page

MARKS, ALBERT A., Jr.*
Newburger & Co.
Atlantic City, N. J.

SINCE 1890

mission, Washington, D. C.

Stifel, Nicolaus & Co., Inc.

MASON, ANNE E.
•

Boston, Mass.

NIEMAN, BARNEY
Carl Marks & Co., Inc.

MARSHALL, WILLIAM S*
Securities & Exchange Com¬

CLEARINGS

American Securities Corp.

Hornblower & Weeks

Boston, Mass.

DEALERS

NEWMAN, LEO*

Allyn & Co, Inc.

Philadelphia, Pa.

MAGUIRE, JOHN E*

SECURITY

Landstreet & Kirk-

patrick, Nashville, Tenn.

MURPHY, JOHN W.

MAGUIRE, JAMES B*
J. B. Maguire & Co.

Cleveland;

Foster,

Warren

Chicago, 111.

Clark,

City

Boston, Mass.

Hill, Thompson & Co., Inc.
New York City

Reynolds & Co.
New York City

McFARLAND, JAMES B.

Co.,

NELSON, WILLIAM, 2nd

MURPHY, ARTHUR C.

MAGID, SAMUEL E*

Dallas, Texas

White, Weld & Co.

New York

McDonald-Moore & Co.

McDonald & Co.

Mrs.

Conn.;

Cruttenden

MULL1NS, THOMAS J*

McPOLIN, BENJ. J.

McGIVNEY, JAMES T*

Mcdonald, harry a., Jr.

Hartford,

Co.,

Putnam

Donald

George M. McCleary, McCleary & Co., Inc.,

Scott, Horner & Mason, Inc.

Lynchburg, Va.
Loans

Address

and Securities De¬

partment. Teletype:

CV 240.

64 Years

MASON, BELLMAN H.
Anderson & Co., Ltd.
Toronto, Ont., Canada

Banking

MASON, WALTER G*
Scott, Horner & Mason

Lynchburg, Va.

Underwriters &

MEYERS, JOHN J., Jr.*
Gordon Graves & Co.
New York

Iowa Electric

Toll Road Facilities

City

Bridge Revenue Bonds
Water &

Industrial &

MILLSPAUGH, W. E.
Iowa Southern

Utilities Co.

Sewer Revenue Bonds

Public

Detroit, Mich.

Light & Power Co.

Distributors

Municipal Obligations

MILLER, DON W*
Don W. Miller & Co.

Trading Markets

of Investment

Utilities

Corporate Securities

Pennsylvania Railroad
Chicago, 111.

Northern Illinois Gas Co.

CHICAGO

ST. LOUIS 2

MILT, SAMUEL*
New York

SINCERE AND COMPANY
MEMBERS
New

and

York

all

Stock

New York

City

MISCHUCK, TED E.

Leedy, Wheeler, & Alleman,

Exchange

Inc., Orlando, Fla.

Principal Stock and

Commodity

Hanseatic Corp.

MOBERLY, RALPH

Exchanges

I. M. Simon & Co.

CHICAGO

St.
Teletype

Telephone
STate

CG 656

2-2400

657

Louis, Mo.
Underwriters—Brokers

MONAHAN, JOSEPH A.
J. A. Hogle & Co.
New York City
MONROE, PAULB*
R. W. Pressprich & Co.

Straus, Blosser & McDowell

Boston, Mass.

MORELAND, PAUL I*
Moreland & Co.
Detroit. Mich.

CHICAGO

Listed & Unlisted Securities

MEMBERS NEW YORK STOCK
DETROIT STOCK EXCHANGE

MORRISSEY, FRANK J.

135

Morrissey & Co.
Philadelphia, Pa.

EXCHANGE
•

•

MIDWEST STOCK EXCHANGE

AMERICAN STOCK EXCHANGE

(ASSOCIATE)

SOUTH LA SALLE STREET

F. J.

OVER-THE-COUNTER

The Blue List

SPECIALISTS

CHICAGO 3,

New York

NEW

Publishing Co.

YORK

KANSAS

MOSLEY, VICTOR R*
Stroud & Company,

TELEPHONE
ANdover 3-5700

DETROIT

City

SINCE
1926

ILLINOIS

MORTON, ROALD A.

CITY

TELETYPE

MILWAUKEE

GRAND RAPIDS
MT. CLEMENS

CG 650-651

Inc.
-

Philadelphia, Pa.

PRIVATE WIRE SYSTEM COAST TO

MOSS, WILLIAM F
National

SWIFT, HENKE & CO.
MEMBERS MIDWEST

STOCK EXCHANGE

Quotation

Inc., New York

Retail

Bureau,

COAST

Trading

City

MULLER, GEORGE

Janney & Co.

Philadelphia, Pa.

;
,

THE

Mr.

Mrs.

Collins

Macrae,
/.

Continued

jrom

Wulff,

Hansen

Simon

Co.,

San
Louis

St.

Thursday, October 14, 1954

COMMERCIAL and FINANCIAL CHRONICLE

Francisco;

Ralph

New

Howard

Moberly,

Jersey

the

and

Lynch, Paul & Lynch, Philadelphia; Mr. & Mrs. Frank Fogarty, Philadelphia;
Dougherty, Paul & Lynch, Philadelphia

congested

times.

phia and New York. Here the land

page

Eventually, our State did
legislate, not only limited-access,
but the Garden State Parkway it¬

self.

belts

Public Utilities and

cities

nearly

between

half

wooded

ices.

Here

Budd diesel

here

the

which hit 90 mph.
conditioned
and

air

one

the

diesel

new

replacing
the
old
"puffers" which are picturesque
but expensive to operate.
Going back for
will

easily

how

America
cars

trace

the

in which Lew

Lew

your

now

uses

and clients—on

you

phase

remem¬

automobile

storm.

his wife—on
car

moment,

development

area

bering

Here

the

right—and the
for conventions

left.

the

East,

Service

Public

styled it. So

have

our

cross¬

friends

aptly

high¬

that Southern New

see

Jersey is well
We have

ways.

each

4,500

some

Roads, yet the

miles

with high¬

woven

area

miles

is only 60

You will note

way.

vital difference between Southern

farm-to-

we've

built

and

pikes and there is

Freeway
ware

Route 44

side of the Dela¬

up our

Valley which the Governor

dedicated

last

about

luncheon

the

foot

Pennsville

quate,

and

haying

the

Ferry

Turnpike,
inade¬

was

fortunate

are

predicted

Delaware

for

the

Now, coming

McDONALD-MOORE & CO.

Eastern side of
had

place.

This

first

its

problem

travel.

MEMBERS

DETROIT

FLINT
410 National

Phone

STOCK

Bldg.

American

4-8044

State

EXCHANGE

Phone

This is

CRAND RAPIDS

Bank

Bldg.

810

Michigan National

5-9692

the

have

North-South
known

road

not

years.

the

carry

the Garden State

Bank

8-1507

new

concept in trans¬

portation, and I will leave it
you to judge what this means
area
development.
In

Bldg.

Phone

case

to
to

think

grateful.

are

forge

the

ideals

the

true

ware

took

you

only

see

two

these

years

job.
Another

family
have

—

aspect, by the
the only lady

Commissioner in the United
States.
We

are
particularly proud of
parkway in Southern New

the

Jersey
new

where
of

era

face

whole

development.

tomorrow's

This

transportation

today.
And we are trying to carry this
type of ideal over into other as¬
pects of development.

Coming down the parkway we
a
new
Ciba plant at Toms
River and at Pomona, near here,
have

plant.

the

Lenox

new

China

Down at Cape May Court

House there's

new

unit of Keuf-

talking
men, there is a story
for them in how a
parkway is a
family affair.
am

new

across

the State,

find

Socony Vacuum Research

Laboratory

Paulsboro—in

modern idiom. Back again

the

through

fpr Raynor door from Illinois and
a

Transmission

the

mission

metallurgical plant from

over¬

lines making

line

shown

With

voltage
happens
Bridgeton.

all,

one

develop¬

area

our

features

program

pation

the

real

type of citizen-partici¬

planning

and

zoning.
meeting
type of philosophy—in fact South¬
ern New Jersey never lost it. The
We're

back

ladies
and

the

are

their essays
to

we're

say

town

with

school

the

men,

students

developing
last

its

new

kind

Detroit

I do not believe any

will

ever

changes

see

has.

ours

any

ways

The

the

electric

and

universal

servant,

are

living

brought

automobile

ways,

than

transformation

transportation
the

generation
drastic

and

about

An Address of Distinction

commercial

road

established

some

transportation
I

FINANCIAL TENANTS
IN THE BUHL BUILDING

had

for the ladies of New

refer

Club of

not

other

transforming the world.

The

key to this surge in area
development has been—still is—
and always will be, I suppose—
transportation. The golden key has
been

turned

Southern

modestly
are

the

New
—

lock

Jersey,

here

and

the

door

MUNICIPAL BONDS

ideals about

new

years

CORPORATE

ago.

SECURITIES

especially to the Garden
New Jersey and the Road¬

Specialists in

side Council.
One club President said in 1943:

Baker, Simonds & Co.

"We

take

can

neither

Blyth & Co., Inc.

Campbell, McCarty & Co., Inc.
Ferriss,
First

Carlton

Wagner

Michigan
M.

Higbie

Manley,

Wm.

Bank

Shannon

&
of

Roney
&

White, Hudson

Miller

Corporation

Bennett

McDonnell

National

Corporation

Co.

Detroit

Co.

Company
&

Company

pleasure
roads,
litter

driving

bordered
of

shacks.

natural

enhance
Make

billboards

beauty.
our

continuous
roadside
the

great

Protect

scenic roadsides.

the

Garden

every sense of the word

State
.

First

and
.

BUHL

." said

And these valiant ladies would

down,

failed

Michigan Corporation

Member Detroit

NEW

& Midwest Stock Exchanges

even

though

pass

several

BUILDING, DETROIT

YORK
Grand

not be turned

another.

legislation

Michigan Bonds and Stocks

nor

present

and

"Preserve

this

pride
on

CHICAGO

Rapids

Battle Creek

Lansing

COLUMBUS

Bay City
Port Huron

Flint

in
we

yet honestly feel

opening

Jersey who

several

the

use

Active Markets Maintained in

been

super-high¬
many

I want to tell
you why this is
family affair because you, ladies
and gentlemen, may have
prob¬

lems back home such as we had.
This lovely Garden State Parkway
might have been just
another

East.

BUHL BUILDING

and studies. We like

frontier—the
the

are

the

brighter days ahead.

seas.

that

one

usable

This

consumers.

ment

voltage of the trans¬

be located

things

Esser.

Going
the

Hercules,
new
phases of Dela¬
Valley growth. This is one

American

way

fel

other

reduces

once

highway authority began the

Pont,

The substation

construction

City
just completed

has

the backbone of the grid serv¬
ing all of Southern New Jersey.

for

slides

de¬

area

generating
Electric

parkway, the $285 million worth

the

new

and

of the

The

one.

Hammonton, this type of facility

ladies in the audi¬

any

might
only to the
ence

Many of you
finance the parkway—

State.

have

in¬

Parkway and as you know the
major portions to Southern New
Jersey were opened this summer.

EXCHANGE

STOCK

LANSING

shore

could

got together

3-9565

MEMBERS MIDWEST

State,

as was

creasing traffic. Up in the Metro¬
politan areas, North-South con¬
gestion was fierce. So New Jersey

BUILDING

DETROIT
WO

The

Route

Municipal and Corporate Securities

here

over

homes

for

Here

Atlantic

and
favorable

two to

this

Although it took many years to
get up to this starting point and

Memorial

first

our

helped

family affair

the

was

And

station

month.

today. As he
said, it is carrying traffic volumes
which were predicted for 1982.
At

approval.

indeed

was

and

improved

new

three years, as much traffic

PENOBSCOT

serve

commerce demands.

Bridge to take its
bridge has carried,

1566

referendum

Here is the fabulous New
Jersey
Turnpike which Paul Troast told

mile than any other State.
can

Company

The

vote

today's

said,
the
utilities
are
there will be ample

sure

service

that

institution.

black-top

electric

pledging of State credit be¬
hind the parkway bonds required

down

and more trucks per square

ways

You

Jacoby courted

your

small State and it is the

think

making

velopment.

The

'30s don't carry Lew's Buick and
modern trucks at a mile-a-minute
So

took

are

roads

all

are

market roads built in the '20s and

Jersey has been forward-

looking regarding highways. This
is

American

hundreds

—

locomotives

New

Silver

cars

are

and

one

Development

towns

truly

half

and

in farms—the inland towns

small

Area

Philadel¬

Miss Dolores

even

Convention Number

THE COMMERCIAL and FINANCIAL CHRONICLE

Security Traders Club of St. Louis

Hill

ESSERT, EARL
Midwest Stock

Theis

Albert

White

Sons,

Louis

St.

NEUWOEHNER,

Exchange

FRED

FARROW,

Paul

Eank

National

Boatmen's

The

Brothers

SHAPIRO. SUMNER

CLARENCE

NELSON,

ERKER, GEORGE U.

St.

SMITH,
U.

Union Trust

Louis

Co.

Slayton & Company,

HIRAM

Company

NEWCOMB, LOWELL

Inc.

Brown

SLAYTON, HOVEY E.

ELMER

Inc.

Savings Bond

Division

Federal Reserve Bank

Co.

FELSTEIN, SAM

NEWHARD, CHAPIN

<& Co.

rrauc

xiemy,

Newhard, Cook 6c Co.

FISCHER. JOSEPH S.
Goldman, Sachs & Co.
The Boatmen's National
St.

Cook

Fusz-Schmelzle

Herman

Zinzer

John F.

Zaegel

Eugene T. Burns

Kenneth D. Kerr

First

Vice-President: John

Inc.

F. Zaegel,

Bramman-Schmidt-Busch,

Smith,

O'NEILL,

r AUr I.

Co.

Second Vice-President: Kenneth D. Kerr, A. G. Edwards & Sons.
Third Vice-President: Tarleton L.

GRAF,

RUDOLIMI

ROBERT H.
Newhard, Cook 6c Co.

Ralph

GUMMERSBACH, ALBERT

Co.; Richard H. Walsh, Newhard, Cook & Co.; Edward H. Morfeld, Morfeld, Moss & Hartnett; Herman J. Zinzer, DempseyTegeler & Co.

John W.
Bunn, Stifel, Nicolaus & Company, Incorporated; Earl Hagen-

WALTER C.

A. G.

SIDNEY L

ASHER,
A.

Edwards

ROACH,

AYERS, C. T.
Merrill Lynch,
BAKEWF.LL,
Stix

Pierce,

Fenner

Beane

EDWARD

BEATTY,
A.

BECKERS,

Cruttenden

WALTER A.

Brown

CARLTON,

Co.

Harris

BLAKE, WILLIAM J.
A.

Edwards

CLOONEY.

Sons

BOND.

LEO

RAYMOND

Co.

WEINRICH. JOSEPH
Dempsey-Tegeler

WHITE,

EDWARD

8PENCER

WILLER
The

WUEST,

YALEN,

Incorporated

YATES,

Midwest Stock Exchange

Edward

MICHAEL
D.

Jr.,

Gardner

JAMES

ZAEGEL, JOHN F.

Bramman-Schmidt-Busch,

Inc.

ZINZER, HERMAN J.

Jones Sc

EUGENE

Hill Brothers

Co.

SENTURIA, EDWARD
Newhard, Cook 6c Co.
SESTRIC,

Bank

Heitner & Glynn

Reinholdt

SCHMELZLE, ALBERT M.
6c

National

HARRY

Blewer,

Newhard, Cook 6c Co.

Fusz-Schmelzle

ERNEST D.

Boatmen's

Louis

Taussig, Day 6c Co.. Inc.

Inc.

NORMAN

Co.

SCHIRP, GREGORY J.

Co.

Company

WICKMANN, W. JACK
Stifel, Nicolaus & Company, Incorporated

Sanders

Co.

&
A.

WHITE, Jr., JULIAN
White <fe Company

DONALD

WHITE, F. HOWARD
Goldman, Sachs & Co.

HERBERT M.
Wibblng 6c Co.

SCHLUETER.

Stifel, Nicolaus & Company,

Bank

Dempsey-Tegeler

Co.

JANSEN, KENNETH J.
Edward D. Jones 6c Co.

ELMER
Newhard, Cook & Co.

JARRETT,

Orders
N.A.S.D.

JONES,

JORDAN, ROY W.
G. H. Walker & Co.

HENRY

Co.

Keystone Custodian Funds

Savings

Newhard, Cook 6c Co.

HUEBNER, CHARLES

COOK

6c Co.

Devine

SCHERCK, GORDON
Scherck, Richter Company

HORNING, BERT

CONDDE, Jr., HERBERT D.
Newhard, Cook 6c Co.

BOHAN, WILLIAM
C. J. Devine

JAMES

Reinholdt 6c Gardner

BLEWER. CLARENCE F.
Blewer, Heitner 6c Glynn

HOC1I, HAWORTH F.
McCourtney-Breckenridge

HUMPHRIES,

Co.

Trust

WILLIAM M.
Metropolitan St. Louis Co.

JOHN K.
Taussig, Day & Co.,

CADLE, CHESTER J.

Sons

Jones

Brothers

Edwin

Dempsey-Tegeler 6c Co.

& Co.

IRVIN E.

SANDERS.

Co.

HONIG, THEODORE C.
Co.

WILLIAM P.
Morfeld, Moss & Hartnett

FLOYD
&

BYRNE,

Co.

Edwards

Paul

6c Co.

Walker

BYRNE, R. EMMET
Scherck, Richter Company

CHARLES

Hill

IIOPP,

Henry, Franc

LOUIS

Simon

EUGENE

BURTCH, B. W.

Taussig, Day 6c Co., Inc.

BAUCOM.

BUNN, JOHN W.
Stifel, Nicolaus 6c Company, Incorporated

Fusz-Schmelzle

ELMER

BARKLAGE,

JOSEPH

FRANK

WEBER, VINCENT C.

Walker & Co.

ROBINSON.

IIILLE,

BURNS,

Co.

BARKAU,

HELLER, IRVIN A.
Newhard, Cook Sc

NORMAN E.
Blewer, Heitner 6c Glynn

Scherck, Richter Company

Sons

WEBB,

RICHTER, HENRY J.
Scherck, Richter Company

Edwards 6c Sons

BRONEMEIER,

Stix & Co.

WALSH, ROBERT A.
Dempsey-Tegeler Sc

Company

White

Morfeld, Moss 6c Hartnett

BROCKSMITH, H. L.
Scherck, Richter Company

FREDERIC A.

Jr.,

ARNSTEIN,

HEITNER,

ROSTER OF MEMBERS

REIMER,

HARTNETT, WM. H.

RICHARD

Newhard, Cook & Co.

Edwards 6c Sons

Edward

HARRIS, IRWIN R.
Scherck, Richter Company

WALSH,

REDMLAN, WM. L.

Gardner

HARVEY, JOSHUA A.

1953; Term Expires: October 28, 1954

Took Office: October 28,

LEONARD

Weber-Mitchell

HAGENSIEKER, EARL
Reinholdt

and

Co.

Glaser, Vogel Sc Co.

REDMAN, W. G.

6c Co.

Paul Brown

Alternates: Jerome F. Tegeler, Dempsey-Tegeler & Co.;

sieker, Reinholdt & Gardner.

VOGEL,

M. Simon 6c Co.

Redden

THOMAS, JOHN R.
Blair & Co., Incorporated

REDDEN, TARLETON

Dempsey-Tegeler & Co.

Edward D. Jones &

C. Deppe,

executed

Detroit Stock Exchange for

members

regular

less

rates

40%.

EDWARD D.
Jones 6c Co.

Edward

MICHIGAN

CREELY, WALTER J.
Goldman, Sachs 6c Co.

KAUFFMANN, JOHN R.

BOSCHERT, DANIEL C.
Morfeld, Moss 6c Hartnett,

CUMMINGS, JOHN P.
Newhard, Cook & Co.

KEANEY, FRANK X.
Stifel, Nicolaus & Company, Incorporated

BOYD, Jr.. A.

DARMSTATTER,

Bankers Bond

Albert

Theis

Securities Co.

SHAPLEIGH
& Sons,

E. W.
Stifel, Nicolaus 6c Company, Incorporated

Inc.

BRAMMAN, EDWARD O.

DEMPSEY.

Bramman-Schmidt-Busch,

Inc.

Newhard,

BRECKENREDGE, HUNTER
McCourtney-Brecfcenridge 6c Co.
BRENNAN,

EMMET

DUMONT

DOWDALL, WM. F.
Wm. F. Dowdall 6c

BROCKMEYER, E. H.
Goldman, Sachs 6c Co.

UNLISTED MARKETS
WM. C. RONEY &■ CO.

KENNETH

MEMBERS

NEW YORK

STOCK EXCHANGE

Edwards & Sons

Teletype DE 100-101
KLEIN, ELMER B.

Edward D. Jones 6c Co.

Co.

KELLY, FRED S.
Stifel, Nicolaus & Company, Incorporated
KERR,

Cook 6c Co.

DEPPE, RALPH

Brennan & Company

Jacobs &

Semple,

Harvey, Klein & Co., Inc.

Co.

DRUMMOND, KENNETH

BUHL BLDG.

VINCENT
Newhard, Cook Sc Co.

LAYTON,

Grand Rapids

•

DETROIT, MICH.
Battle Creek

Saginaw

Kalamazoo

LEVIS, EDWIN

Calvin Bollock

Newhard, Cook Sc Co..
LOTTMAN, CHAS. S.
Kerwln, Fotherlngham 6c Co., Inc.

DONALD

LUDWIG,

Trust

Mercantile

WATLING, LERCHEN & CO.

Company

McKEE, LOGAN
Barrett Herrick 6c Co.,

Inc.

MAENDER, CLARENCE J.
G. H. Walker 6c Co.

Investment Bankers

MALONE, VINCENT
Paul Brown 6c Co.

S. R.

Livingstone, Crouse & Co.
Established

1922

MEMBERS

DAVID

MATTHEW,

Members
New York Stock

American Stock Exchange

DETROIT STOCK

EXCHANGE

White 6c Company

ROBERT H.

MATTHEWS,

Exchange

Richter Company

Scherck,

(Associate)

JOHN F.
Dempsey-Tegeler <fe Co.

MATYE,

Detroit Stock Exchange

Underwriters

—

Distributors

—

Dealers

MEYER, EUGENE J.

CORPORATE and MUNICIPAL

Bond Corp.

Municipal

Midwest Stock Exchange

MILLS, ANDREW S.
Newhard, Cook & Co.

SECURITIES

MILLS, R. G.
R.

MUNICIPAL AND CORPORATE SECURITIES

G. Mills

MITCHELL,

MOBERLY,

FORD

DETROIT 26,
Ann Arbor

Jackson

BUILDING

MICHIGAN
Kalamazoo

Pontiac

Trading Facilities

Co.

RALPH

M. Simon

MOREY,

Complete

6c Company

THOMAS

Weber-Mitchell

DETROIT

6c Co.

Penobscot

Jr., RICHARD

26, MICH.

Building

Edwards 6c Sons

MORFELD,

Morfeld,

Beane

III, ALBERT
Theis & Sons, Inc.

THEIS,

TOPPER, ELVIN K.

HAEUSSLER,

Comimtteemen:

Richter Company

PITT, ROY
Goldman, Sachs & Co.

JEROME

TENENBAUM, HARRY
Peltason, Tenenbaum

PELTASON, PAUL E.
Peltason, Tenenbaum Co.

GUION,

National

Inc.

Co.,

PELTASON, CHARLES M.
Peltason, Tenenbaum Co.

Redden, Redden and Company.

Treasurer: Eugene T. Burns, Fusz-Schmelzle & Co.

Dempsey-Tegeler 6c Co.
ft

Peiersen

G. H. Walker 6c Co.

Secretary: W. Jack Wickmann, Stifel, Nicolaus & Company, Incorported.

Inc.

TEGELER,

Albert

GODBOLD, EARL
Dempsey-Tegeler «te Co.

Inc.

ROBERT A.

Scherck,

EDWIN
Vogel 6c Co.

GLASER,
Olaser,

Fenner

TAYLOR, MEL M.
Semple, Jacobs 6c Co.,

Sc Co.

THOMAS

Eckhardt

HAROLD
&

Moore

OLSON, WILLIAM T.
Olson, Donnerberg & Co..

FRED W.
6c Gardner

Cruttenden

Co.

TAUSSIG, WILLIAM H.
Merrill Lynch, Pierce,

& Co.

OLDENDORPH, EDWARD

GERSTUNG, WILLIAM B.
A.
G.
Edwards & Sons
GIGER.

President: Herman J. Zinzer, Dempsey-Tegeler &

G. Mills & Company

STUEBE, EDWARD
Newhard, Cook 6c Co.

Mercantile Trust Company

Jr.. FIRMIN D.
Fusz-Schmelzle & Co.

Reinholdt

Co.

OHLSEN, IRVING R.

FUSZ.

GARDNER.

O'BRIEN, JAMES

Co.

WM. STIX
Jacobs & Co.

FRIEDMAN.
Semple,

STEIN, ELLIOT H.
Scherck, Richter Company

Nordman 6c

FRANK

Newhard.

STAY, WALTER A.

NORDMAN, JOHN

Bank of

Louis

FRANEY,

Service

NIEMOELLER, JOHN J.
Stifel, Nicolaus 6c Company, incorporatea

ROBERT E.

FISCHER,

SORY, GEORGE
Moody's Investors

Teletype DE 336

EDWARD H.
Moss 6c Hartnett

MOSS, MORRIS

Morfeld, Moss & Hartnett

WOodward 5-6202

St.

■

THE COMMERCIAL and

Fashion show

held for the ladies at luncheon*

the

final

day of the convention

the

C. Hecht, Jr., Dempsey-Tegeler & Co.; Gecfrge

Altervates: John

Security Traders Association of Los Angeles

Thursday, October 14, 1954

Joseph Cummings, Brooke & Co., Philadelphia; Ernest Kosek, Ernest

Claridge Hotel

H. Earnest, Fewel &

Co.; Joseph Gallegos, Lester, Ryons & Co.

November, 1953; Term Expires: November, 1954.

Took Office:

FINANCIAL CHRONICLE

Kosek & Co., Cedar Rapids, Iowa

LIPPMAN,

Hull

LUEKER,

A.,

Jr.

Co.

CLEMENS

Richards &

Hill

ROSTER OF MEMBERS

WILLIAM

Holton,

LIVINGSTONE, CHARLES
Marache, Dofflemyre & Co.
T.

Co.

MANWARING, JOSEPH R.

Angeles unless

(Members in Los

CASS,

Durst,

William

DEL

BAKERINK,

Jackson

Webber,

DIEHL,

BARNES, CARL

Paine,

Morgan & Co.

KENNETH

BARSAMIAN,

Dempsey-Tege.cr

JAMES

BEEBE,

John C. Hecht

James

Fraser

Robert

Green

J. Foster

William R.

Paisley

BOURBEAU,
Daniel

Vice-President: James G. Fraser, Stern, Frank, Meyer & Fox.

Farmers

Secretary: Robert M. Green, Pledger & Company, Inc.

Los

Co.,

EBNER, Jr.,

J.
Beverly

BROWN,

Governors: Norman Hudson, R. L. Colburn Co.; Charles R. Liv¬

Marache,

Dofflemyre

Co.;

Shane

McOmber,

MAXFIELD

Noyes

Hutton

California

Co.

Tulk

Co.

RICHARD

O'NEIL,

Co.

DONALD

Barth &

OWEN,

Co.

«te

RICHARD

Crowell,

Weedon

Co.

Co.,

PAISLEY, J.

Inc.

Weeden

Pasadena

FRANKEL, HAROLD C.

Co.

FOSTER
Co.

7:-.

POINDEXTER, CLIFFORD E.
Wagenseller & Durst, Inc.

Co.

PULLIAM, LAWRENCE 8.
FRANKLIN, SAMUEL B.

EDWARD

Franklin

FRASER, JAMES

Calin-Seley & Co.

Weeden

Co.

Company

RAMPLEY, CHARLES
Dempsey-Tegeler & Co.

Stern, Frank, Meyer & Fox

CAMERON, DONALD M.
Merrill Lynch, Pierce, Fenner & Beane

Co., Inc.

CHESTER

Noble,

Jones, Cosgrove & Miller,
Falrman

Fox; Lawrence S. Pulliam, Weeden & Co.; Sam Green, Pledger

Co.

Ryons

O'NEIL,

Company

THOMAS

Samuel

CALIN,

JOHN

NOBLE,

FETTERS, JOHN J.

Co.

JAMES
Shearson, Hammill & Co.

National Committeemen: James G. Fraser, Stern
Frank, Meyer &

NEVINS,

Fairman &

BRUM,

Revel Miller & Co.

Curtis

Lester,

CHARLES

Akin-Lambert

BROWN, WILLIAM E.

ingstone,

First

EUPER,

Treasurer: J. Foster Paisley, Weeden & Co.

MODRELL, PAUL

ENGLE, EDWARD P.

ALAN

Angeles

Hemphill,

Bateman, Eichler & Co.

Hills

D.
Merchants National Bank

Co.

Weedon

Company

Fewel & Co.

EDWARD

Jackson

Co.

Blyth & Co., Inc.

EARNEST, GEORGE H.

Reeves

BRASSINGTON,

JOHN

Hutton

Trust

WILLIAM

Crowell,

Shearson, Hammill & Co.

& Co.

Staats

Bank

California

MILLER,

II.

DORROH, WILLIAM W.

BETZ, HERMAN

President: John C. Hecht, Dempsey-Tegeler & Co.

Co.

I>.

Webber,

DORMAN,

Co.

Miller

Revel

ARTHUR S.

WILLIAM

ROBERT

HAROLD

McOMBER, A. SHANE

Dempsey-Tegeler & Co.

Curtis

& Co.

Insurance

Title

Co.

Staats

DAVJES, JR.,

McGAY,

company

A. WILLIAM

Revel Miller

JAMES

Tully

Caliiornia

McCREADY,

CRUTTENDEN,

Co.

Dempsey-Tegeler &

Paine,

Mitchum,

Inc.

PAUL I!

ASCHKAR.

First

Henderson

ROBERT

COCKBURN,

DONALI)

Wagenseller

Dempsey-Tegeler & Co.

Bell

ARBOGAST,

THEODORE

Harbison

JACK

ALEXANDER.

Kerr

CARLSEN,

indicated)

otherwise

FREEMAN, ALT IN R.

REES,

DAVID

"The

Dempsey-Tegeler & Co.

GALLEGOS, JOSEPH F.

Mirror"

REEVES,

Lester, Ryons & Co.

(Honorary)

JAMES

Akin-Lambert

Co.,

Inc.

GINN, WILLIAM
Dean

Witter

RICHARDS,

Co.

Harker

GLASS,

Staats

Co.

RYONS, JOSEPH L.
Lester,

GREEN, ROBERT M.
Pledger & Co., Inc.
GREEN,

Report of Progress

Pledger

<fe

of facilities in the

area

served by the Mountain

Supply Co.

HARDCASTLE,
Dean

was

the greatest last

year

JACK

Hanauer

in the Company's

Witter

HECHT, JOHN

Beverly H1H«

and

43 other

cities and towns in Utah and 6

Paine. Webber,

SPILLANE,
J.

increased 10.7

per

cent over

year,

from 93,873 to 103,934. Gas sales increased

cent

to 41,621,365

MCF.

Gas

reserves

available

Wagenseller

Co.

Staats

Gross,

Co.

requirements increased 85%.

Standard

Company
per

owns

producing properties which

Sutro

cent of natural gas requirements for 1953.

WARD

Investment

Co.

457 miles of transmission mains. The distribution

Fewel & Co.

KIRWAN, NICHOLAS P.
Dean

Witter

Co.

Crowell, Weedon & Co.

FUEL

SUPPLY

COMPANY

KRAFT, OSCAR F.
Oscar

Kraft

<fe

—

36 South State Street

Oscar
—

Salt Lake City, Utah

KRAFT,
Oscar

•

LINK,

Kraft

Co.

VERNER HARRIS
F.

California

FRANK

Merrill

Lynch,

Pierce,

Fenner

Bean®

WARNES, ROY C.

Kraft &

WELLER, JOHN
Wagenseller & Durst, Inc.

WESSENDORF, JR., HOMER

Co.

FRANK

Harris, Upham & Co.

Tully

Co.

WHEELER, JOHN E.
Hill

Richards

WRIGHT,
Co.

KRAFT, OSCAR F., JR.

General office

Mitchum,

KNOBLOCK, SIDNEY C.

MOUNTAIN

Smith & Co.

Barbour,

WEBSTER, WILLIAM
Bateman, Eichler & Co.

KELLER, THOMAS H.

system consists of 2300 miles of mains and service lines.

Inc.

Shearson, Hammill & Co.

KEENAN, JOHN J.
Morgan & Co.

owns

Durst,

ARSDALE, NIELAND
Blyth & Co., Inc.

& Co.

JOHNSON, WILLIAM A.

sup¬

Rogers,

VAN

IRISH, HERBERT C.
Falrman

TUTTLE, GORDON B.

SCOTT

TURNER, STEPHEN C.

NORMAN

L. Colburn

IMBLER,

for

Co.

HUDSON,

JAMESON, CLAUDE

Hogle & Co.

Shearson, Hammill & Co.

ARTHUR

William

plied 71.5

Jackson & Curtis

TIMOTHY

SUMMERELL, DONALD E.
Wagenseller & Durst, Inc.

The

STOUT,

Walston

market

Company

Co.

HENDERSON, ROBERT J.
Neary, Purcell & Co.

Number of customers last year

per

FOREST

HOSKIN,

9.6

CLIFFORD D.

SILLICK, JACK

Dempsey-Tegeler & Co.

Wyoming.

the

Co.

Hutton

Morgan

Co.

HECHT, JR., JOHN C.

in southwestern

SHIPLEY,

Dempsey-Tegeler <fe Co.

25-year history. Territory includes Salt Lake City, Ogden, Provo

PATRICK

SHIPLEY,

Co.,

PARKMAN
&

Co.

Angeles "Times" (Honorary)

Fairman

ROBERT

Inc.

Dean Witter & Co.

ifr

Fuel

Los

Company,

SHEEDY.

HANAUER,

Expansion

Ryons

SANDIFER,

SAM

HALL, MAX

Co.

CHESTER M.

William

JOHN

Lester,

Co.

WILLIAM
Ryons

Co.

WRITER, JOSEPH
Walston

Co.

ZIMMERMAN.

Bingham,
ZINK,

WILLIAM

Walter

Hurry,

Inc.

JAMES

First California

Company, Incorporated

Convention

Number

McBride,

Midland

Charles

Continued

THE COMMERCIAL and FINANCIAL CHRONICLE

from

Securities Corp., Toronto; Bellman H. Mason, Anderson &
Goodeve, F. B. Ashplant & Co., New York; Winton A
Jackson, First Southwest Company, Dallas

Co.,

John

Toronto;

page

F. Reilly Gearhart & Otis, Inc., New York; Dunbar Abell, Reed, Lear &
Co., New York; Robert
McCook, Hecker & Co., Philadelphia; Richard H. Goodman, Shields & Company, New York;
John F. Klingler, First Boston Corporation, Philadelphia

PIZZINI, ROBT. M.

W. Pizzini

SACHNOFF, SAMUEL*

Co.

In Attendance at NSTA Convention
New York Hanseatic
New York

PATTERSON, HAROLD C.*
Securities

Wm. V. Frankel &

Co., Inc.

Riecke &

Com¬

Co.

PARKES, NEWTON H., Jr.
New York Hanseatic Corp.

B. W.

Continued

Los

and Industrial Securities

Mutual Fund Shares and Bank

Cleveland, Ohio
RABINOWITZ, MONA, Miss
J. W. Hicks &

City

Insurance Stocks.

and

Co., Inc.

Denver, Colo.

Direct

wire

Joseph McManus & Co., N. Y. C.

RAHN, FRED T.
The

Illinois

Company

A. P. KIBBE & CO.

SALT LAKE CITY
Teletype

Merrill

COOMBS AND COMPANY
3-6789

Lynch, Pierce, Fenner
Beane, New York City.

W. BROADWAY

SALT LAKE CITY
Bell

1, UTAH
Phone

System Teletype SU 560

4-3511

REILLY, JOHN C.
G. H. Walker & Co.

188

New York City

REILLY, JOHN F*
AND

UNDERWRITERS
OF

DISTRIBUTORS

mmmm*

Gearhart & Otis
New York

SECURITIES

City

;

INTERMOUNTAIN

MARKETS

TRADING

URANIUM

/
•

(

•

URANIUM STOCKS

Eastman, Dillon & Co.

Philadelphia, Pa.
DISTRIBUTORS
BLOCKS

LARGE

ROBERTS, WILLIAM C., Jr.
C. T. Williams & Co., Inc.
Baltimore, Md.

STOCK

ROBINSON, S. CHARLES
Blair & Co., Inc. '
Brooklyn, N. Y.

Ned J.

•

Bowman

WEST

SECOND

Company

SOUTH

STREET

ROGGENBURG, STANLEY*
SALT

Roggenburg & Co.
New York City

SPECIALIZING IN URANIUM SECURITIES

LAKE

CITY

Telephone

1, UTAH

5-5381

ROHDE, JACK*
John R. Lewis,

Inc.

Seattle, Wash.
RON AN, FRANK

New York Hanseatic Corp.

New York City

ROOB, EDWARD A.

Stratford L. Wendelboe
& Company

Salomon Bros. & Hutzler

Chicago, 111.

Whitney & Company

ROOS, J. WILLIAM*
MacBride, Miller & Co.
Newark, N. J.

Offices

ROWADY, LEWIS
at:

Investment Securities

Hudson, White & Co.

Detroit, Mich.

EXCHANGE PLACE

237

KORBER BUILDING

ROWEN, PAUL R*
Securities &

Salt Lake City,
Phones: 4-6506

Utah

TWX SU-380

Albuquerque, New Mexico

Exchange

Com¬

mission, Washington, D.

RUNYAN, C. D.

Phones: 3-6614

TWX AQ 165

212

Phillips Petroleum Building
Salt Lake

City, Utah

Trust

Company of North
America, New York City
RUNYAN, WALLACE H*

Hemphill, Noyes & Co.

Philadelphia, Pa.

Telephone 3-8874

Philadelphia, Pa.
RICE, WILLARD F.

SITUATIONS

SPECIAL

•

Specializing in

Woodcock, Hess & Co., Inc.

ISSUES

•

REMINGTON. CLIFFORD G.
FIRM

Municipal Bonds, Railroad, Public Utility

Angeles, Calif.

QUIGLEY, J. L.
Quigley & Co.

REGAN, DONALD T.

Telephone

page

Dealers in

Chicago, 111.

•

Weeden & Co.

MHWVWHHWHHUiHHVUHHHVWUHiUHVUUHHI

BEASON BUILDING

Chicago, 111.

Philadelphia, Pa.

New York City

Pizzini & Co.

New York

Mr. and Mrs.

Wayne Hummer & Co.

Alfred L. Powell & Co.

PIZZINI, B. WINTHROP*

Philadelphia, Pa.

City

SCHOETTLER, F. GIRARD*

SCHAUFLER, CHARLES A*
Schaffer, Necker & Co.

PULLIAM, LAWRENCE S.

PINKUS, MILTON*
Troster, Singer & Co.
New York City

Pittsburgh, Pa.

Boenning & Co.
Philadelphia, Pa.

Detroit, Mich.

Equitable Securities Corp.
Nashville, Tenn.

Kay, Richards & Co.

Carl M. Loeb, Rhoades & Co.
New York

POWELL, ALFRED L*

PETTEY, HERBERT

PARKER, SHELDON H .*

SCHLOSS, IRWIN*

City

SCATTERGOOD, HAROLD F*

PORTER, CLAUDE G.
Baker, Simonds & Co.

Henry F. Swift & Co.
San Francisco, Calif.

Philadelphia, Pa.

♦Denotes

Exchange

PERENON, HENRY*

City

PARKER, JOHN E*
H.

mission, Washington, D. C.

ORNSTIL, SYDNEY*
York

York

Son & Co.

Seattle, Wash.

SAUNDERS, WALTER F*
Dominion Securities Corp.
New

POLLICK, JOHN P.*
Swift, Henke & Co.
Chicago, 111.

Co., Inc.

Cleveland, Ohio

O'KANE, JOHN J., Jr.
John J. O'Kane, Jr. & Co.
New York City

New

Parsons

Corp

City

Securities Corp.

New York City

PARSONS, E. E., Jr.*

OHLANDT, JOHN D*

Wm. P. Harper &

Chicago, 111,

PLUMRIDGE, THEODORE E.
Eastern

SCHL1CTING, HUGH R.

First National Bank

New York City

Teletype SU-97

Member of National Association of Securities Dealers, Inc.

THE COMMERCIAL and FINANCIAL

ROSTER OF MEMBERS

Utah Securities Dealers Association

(Members

located

Salt

Lake

Thursday, October 14, 1954

CHRONICLE

Security Traders Assn. of Portland, Oregon

City unless

otherwise indicated)

ANDERSON,
Western
'

CLINTON

Securities

Corporation

V ERNON E.
Anderson & Co.

ANDERSON,
V.

ASPDEN, WILLIAM
J.

Hogle &

BADGER,

Co.

HOWARD C.

Ralph A. Badger & Co.
BADGER,
Ralph

RALPH A.
Badger &

BAGLEY,
J.

EDWARD

Frank

P. Gaddis

Calvin

Bagley

&
C.

wMidi'

Edward N.

Hogle

BAIN, ALLAN

Wendell Smoot, Jr.

Whitney

Co.

Hogle

Co.

BENNION. EDMOND Y.
J. A. Hogle & Co., Ogden

Neil C.

Paul A. Ludlam

Robert W. Pitt

D'Amico
*

Hi,

BOWMAN, K. RALPH
Ned

President: Edward N. Bagley, J. A.

Bowman

Company

Hogle & Co.

Co.

Vice-President: Calvin P. Gaddis, Edward L. Burton &

Secretary: Frank M. Whitney, Whitney &
Treasurer: Wendell Smoot, Jr., J. A.

Ned

Hogle & Co.

BERNICK,

Co.; Harrison S. Brothers, Harrison S. Broth¬

Walter L.

Co.; Albert Payne Kibbe, A. P. Kibhe & Co.;

ROBERT

National Committeeman: Pierre A.

Tribune

Lake

Alternate: Donald C. Sloan,

BROTHERS.

HARRISON
Brothers

BURTON,

1954; Term

August 11,

Took Office:

1954;

11,

Donald C. Sloan & Co.

Elected: December

17, 1953; Took Office: January 1, 1954; Term
Expires: December 31, 1954.
,

Co.

EDWARD

Jr.,

Waddell & Reed, Inc.

ROSTER OF MEMBERS

Expires: August 15, 1955.

BURTON,

Edward

Burton

Co.

A BEIT A,

CALL, JACK
Call, Smoot & Company

KOSTERMAN, PIERRE A.

ARTHUR
Northwest

Pacific

CASIIIN, ELLEN

Serving Southern California since 1927

Cashln

Private

BRADLEY,
S.

Wire—Kidder,

Hogle

DUMKE,

Co:

EDMUND

PASADENA

REDLANDS

SANTA MONICA

JOHN J.
Hogle & Co.

Bank

Cole

Inc.

Collins

Edward

Co.

Portland

Co.

HAVENOR,

Burton

Co.

Co.,

HENRY

Adams

Co.

ROBERT

Blyth & Co., Inc.

>
of Commerce

BOBBINS, J. GILBERT

Co.

SLOAN, DONALD C.

JOHN

HESS,

Provo

HILL,

Donald

McFaul

Sloan

Camp & Company

L.
National Bank

Portland

TRIPP, Jr., CHA8.
HOOGS, JAMES
Zilka, Smither & Co,,

Havenor-Caylas & Co.

Co.

SOMERS, HOWARD

VIRGIL

Incorporated

NEIL

Witter

HARVEY

Hogle &

PITT,

Campbell & Robbins,
D'AMICO,

Chas.

Tripp &

Company

Inc,
VAN BOSKIBK, DON R.

REVEL MILLER & CO.

JONES,

HEALY, J. BERNARD
J.

June

Hogle & Co.

Angeles Stock Exchange

DEALERS IN

Jones

Atkinson

Co,

Co.

ZORA, RAY

FRED
Bank of California,

First National Bank of Portland

IVERS, THOMAS H.

INSURANCE & BANK STOCKS

J. SHELDON

JORY,

HOGLE, JAMES E.
J. A. Hogle & Co.

JARRAND, JACK E.

Hogle &

"Deseret

BONDS & GENERAL MARKET ISSUES

Co.

News"

Cascade Natural Gas

KELLY, PAUL
Mackenzie Company

KIBBE, ALBERT PAYNE
A.

SPRING

ST., LOS ANGELES

Bell System

Teletype LA 155

Walter

Lege

Co.,

investment

in the

growing Pacific Northwest

■

•

'
...

Gorey Co., San

LIGHT, GIVEN A.

Baltimore

Hogle &

Francisco

New

York

Active

Co.

Ask
Mackenzie

MUIR,

WILLIAM A.

RICHARD. W.

First California Company

NEBEKER, JR., WALTER D.
D. Nebeker

TRADING

for

LOS ANGELES

Montgomery Street
Teletype SF885

OFFICES

647 South Spring Street
Teletype LA533

INVESTORS

SERVING

CALIFORNIA

AND

NEVADA

PETT, J. ARTHUR
J.

Arthur

Pett

Co.

®I@J3I3ISISi3I2ISISISISISISJSISJSISISISISISJBISISIe!fSISiSIBJSJSJ3ISJSiSJSJSISiSJSISJSJS®Itf

POULSEN, TED
Merrill

COAST

300

Mountain Securities Co.

PACIFIC

Co.

PEARSON, G. HAROLD

INFORMATION

AND

SAN FRANCISCO

NICHOLS, LOU
P. G. Christopulos & Co.

MARKETS

for descriptive circular

Company

Muir, Dumke & Co.

Trading Market

LOVE, MILTON

MACKENZIE,

Call

Corporation

opportunity

Co.

LARSON, STERLING
Havenor-Cayias & Co.

Wires

Kibbe

SANTA MONICA

John

Investment

PRESTON

PHIPPS,

CALVIN P.

GADDIS,

Direct

National

First

Portland

■

HARRIS, WALTER M.

650

Butchart

COLTON, E. L.

Hess

Los

GEORGE

PEANO, FRED

FORSTER,

York

GLADE,

Members

Jr.,

Patten

George

Inc.

Dean

CLAREMONT

Blakeley,

Bank

National

Canadian Bank

New

Co.,

Beane

Co.

PATTEN,

COLLINS, WILLIAM J.

Muir-Dumke & Co.

(ASSOCIATE)

Walston

Balfour

NORMAN

Daugherty,

DEWITZ, HERBERT

EXCHANGE

Peabody

Gould

COLE, VERGIL R.

P. Kibbe & Co.

William

STOCK

EXCHANGE

DAVIS, GLEN L.

AMERICAN STOCK

Direct

Blankenship,

Stewart

Russell, Hoppe,

Company

Fenner

MAY, EARLE C.

BLAKELY, WILLIS H.

and

Pierce,

Handel, Lundborg & Co.

Marshall

COOMBS, JACK R.

MEMBERS:

ANGELES

LOS

ANGELES 14

BALFOUR, DAVID

CROMER, L. L.
Cromer Brokerage Co.

TELETYPE: LA 68—LA 35

•
'

Foster

Co.

Lynch,

LUNDBORG, HUGO

BAILEY, DAN V.

626 S. SPRING ST., LOS

Merrill

Co.

Inc.

LUDLAM, PAUL A.

CHRISTOPULOS, PLATO G.
P. G. Christopulos & Co.

Coombs

Investment Securities

Cashin

Sloan

Donald C.
Co.

CASHIN, RUSSELL
R.

WageitseIter S Durst, Inc.

Smither & Co.,

Zilka,

Company

ADAMS, RICHARD H.

TRInlty 5761

Kosterman, Zilka, Smither &

Co., Inc.

BRADY, L. PIERCE
Zion's Securities

Roche, Merrill Lynch, Pierce, Fenner & Beane.
August

Witter & Co.

Co.

Harrison

Elected:

Fenner &

Secretary-Treasurer: Robert W. Pitt, Blyth & Co., Inc.
Salt

ers

Nebeker

Vice-President: Neil C. D'Amico, Dean

MAXWELL

BENTLEY,

Company.

Pierce,

Lynch,

Merrill

Ludlam,

Beane.

Company

Havenor-Cayias, Inc.; James E. Reed,

Directors: Sterling Larson,
James E. Reed &

Bowman

Paul

President:

BOWMAN, RAMON N.

SECURITIES

Lynch, Pierce,

REED, JAMES
James

Fenner

Beane

Reed Co.

RICH, FRED W.
Ned J.

Bowman

Crowelf.Weecfon

Company

ROCHE, WALTER
Merrill Lynch, Pierce,

Fenner

LOS ANGELES 14

THOMAS,
Ned

•

Ml *421

•

LONG BEACH

•

CORONA DEL MAR

•

DISTRIBUTORS

PRIVATE PLACEMENTS

JOHN C.
Company

Bowman

650 S. SPRING ST.

TUNES, PHILLIP S.

•

LOS ANGELES 14 •

TfUnity 0231

Hogle & Co.
TELETYPE LA 38

URE, JR., LINCOLN R.
A, P. Kibbe & Co.

Teletype LA 14*
BEVERLY HILLS

UNDERWRITERS

SONDRU, P. WALTER H.

Members Los Angeles Stock Exchange
•

Hogle & Co.

SMOOT, JR., WENDELL M.
J. A. Hogle & Co.

Morgan 8 Ca
*34 S. SPRING ST.

& Co.

Members Los Angeles Stock Exchange

SCHETTLER, HAYDEN

Pasadena

WENDELBOE, STRATFORD L.

Long Beach

San Diego

Laguna Beach

WHITNEY, FRANK M.
Whitney & Company
WHITNEY,

RICHARD

Whitney & Company

?5l515EI5I515IS19I5I5151BI9I5I51915I51915l515I5l51515l5J5IBf5JBI5I5I5IBI5ISISI51SI5l5IBI5l31

Convention

Mr.

Number

Edmond

Mrs.

Mr.

Brown,
Herb

Mrs.

Arizona Association of

Irving

York;

Garrett & Co., Dallas; Mrs. Morton Weiss, New
Singer, Singer, Bean & Mackie, Inc., New York

Herzenberg, Townsend, Graff & Co., New York; Herbert Singer, Singer, Bean & Mackie, Inc.,
New York; Jules Bean, Singer, Bean & Mackie, Inc., New York

SORANSON,

ROSTER OF MEMBERS

Security Dealers

FINANCIAL CHRONICLE

THE COMMERCIAL and

Merrill

VIDRINE,

RANDOLPH

KIRBY

Lynch, Pierce, Fenner & Beane
WEBSTER, ARTHUR I.

located

(Members

Phoenix unless

STEINHOFF,

CARROLL

Merrill Lynch,

otherwise Indicated)

Henry
Ed

TYLER

BARRETT,
F.

Hutton

Company,

BECK, PAUL D.
Refsnes.

VER

Murray

WOODWARD,

CRUISSE,

Guardian

Tucson

Woodward

Co.

ZUBER,

PETER

Trust

ARTHUR

Woodward

Co.

MALCOLM
& Zuber,

Tucson

Zuber, Tucson

;

Ely,

CHAPPELL,

Pierce, Fenner & Beane

Tucson

Co.,

TRUAX, VICK

Murray & Co.

ANDLAUER, FRED C.
Merrill Lynch, Pierce, Fenner & Beane

Dahlberg

JAMES

ANDERSON,

Beck

JOHN

Co.

E. F. Hutton & Company, Tucson

CRARY, C. E.
E.

Hutton

Company

Underwriters and Distributors

CUTHBERTSON, FRED A.

Beck & Co.

Refsnes, Ely.
DAHLBERG,

HENRY

Henry Dahlberg and Co., Tucson

C. E. Crary

Soranson

KIRK

DUNBAR,

President:

Randolph E. Soranson, Merrill Lynch, Pierce, Fenner

ELLIS,

Vice-President: C.

Crary, E. F. Hutton

& Company, Tucson.

Secretary-Treasurer: Joseph Refsnes, Jr., Re/snes, Ely, Beck &

Co.

Elected:

December

4, 1953; Took Office: January

1, 1954; Term

Co.

Ellis

COMPREHENSIVE

COVERAGE

Co.

OF THE

ELY, Jr., SIMS
Refsnes,

Beck

Ely.

Co.

Witter

Co.

FITCHET, SETH M.
Merrill Lynch, Pierce,
ALVIN

GALLOWAY,

CALIFORNIA MARKET

SOUTHERN

FICKS, Jr., ALBERT
Dean

Tucson; Ken¬

Directors: Henry Dahlberg, Henry Dahlberg & Co.,
neth A. Ellis, Kenneth Ellis & Co., Phoenix.

KENNETH

Kenneth

& Beane.

Ellis

Kenneth

Fenner

Beane

Lester, Ryons & Co.

Members

Henry Dahlberg and Co., Tucson

Expires: December 31, 1954.

GOLTER,
First

RICHARD

National

Bank

New York Stock

Los

RUSSELL E. EVANS

ROBERT H. HUFF

President

Mgr. Insurance Stock Dept.

Co.

Dean

HICKS,

TELEPHONE

Witter

ROLAND

JACKSON,

HOPE

LOS ANGELES

STREET,

BELL

TELETYPE

NEW YORK CORRESPONDENT: BACHE I CO.

Co.

Hollywood

Riverside

Santa Monica

Pomona

Corona del Mar

Redlands

Claremont

Pasadena

Glendale

Long Beach

Santa Ana

KATHRYN

Beck

Ely,

Refsnes,

RETAIL DISTRIBUTION

Angeles Stock Exchange

5-7111

MADISON

RICHARD

Hemphill, Noyes & Co., Tucson

SOUTHERN CALIFORNIA FOR

SOUTH

623

HARVEY, WILLIAM
The First of Arizona Co.

HAUSER,

SIX OFFICES IN

Beck

Ely.

Refsnes,

American Stock Exchange (Assoc.)

Exchange

Arizona

HAROLD G.

HANCHETT,

KAUFMAN,

Co.

HENRY J.

Hemphill, Noyes & Co., Tucson
KOLKOSKI,
Kenneth

FEWEL

CO.

CHESTER M.

Ellis

Co.

WILLIAM

LAMBUTH,

Lambuth & Company Investments, Inc.

Member Los
453

Los

Angeles Stock Exchange
S.

LEE,

BENTON M.
Witter

Dean

Spring St.

Co.

We have been

with

(Associate)

Valley National Bank

George H. Earnest
Trading Dept.

TRinity 4191
Teletype LA 456

prominently identified

LEE, EUGENE S.

Angeles 13, Calif.

LOPER, ANDREW B.
Valley National Bank of Phoenix

the'financing of the

following Western Corporations:

(Associate)

MARNELL,
Kenneth

TOM
A.

Ellis

HOFFMAN RADIO CORP. • THE

Co.

MARONEY, WILLIAM
Merrill Lynch, Pierce, Fenner & Beane

THE FLUOR CORP., LTD.

for
McGINNIS, JAMES F.
Merrill Lynch, Pierce, Fenner & Beane

Communication

TELETYPE

MEMBER-. INC.

LOS ANGELES STOCK EXCHANGE
PRIVATE WIRES TO:

SAN FRANCISCO STOCK EXCHANGE
Established

Asiel & Co.

1921

Merrill Lynch, Pierce, Fenner

COMPANY, INC.

VALLEY NATIONAL BANK OF

PHOENIX

CALIFORNIA INTERSTATE TELEPHONE

& Beane

COMPANY

SOUTHERN NEVADA POWER COMPANY

HELEN
Merrill Lynch, Pierce, Fenner & Beane

MULLEN,

MURRAY,

•

VAN CAMP SEA FOOD

Company

MILLISON, MARC

LA 23

TELECOMPUTING CORPORATION

Ed Murray & Co.

G. A. Saxton & Co.,
New

Hutton

SOLAR AIRCRAFT CO.

•

NORTHROP AIRCRAFT, INC.

BRUNSWIG DRUG CO.

MEYERS, TOM W.
BELL SYSTEM

STUART COMPANY

NORRIS-THERMADOR CORPORATION

Inc.,

Trading Markets in

York City

O'NEIL, MAURICE
Merrill Lynch, Pierce, Fenner & Beane

William R. Staats & Co.

INVESTMENT TRUST SHARES
OVENS, JAMES
McAndrew

Inc.,

Co.,

Henry F. Swift & Co.,
San

Francisco

LOS

ANGELES

PACIFIC COAST UTILITIES
AND

Hutton

JOHN

OWEN,

OIL

MIDWESTERN

UTILITY, WATER AND NATURAL
GAS

SECURITIES

PERRINE,
E.

i'stuhhshnl

PICKERT,
E.

KENNETH

F. Hutton

111!',.

Spring Street, Los Angeles 14, California

ROGERS,
The

Ely,

•

Beverly Hills

San Francisco
•

Santa Ana

•

Pasadena
Van Nuys

•

San Jose

•

Glendale

Beck & Co.
MEMBERS:

Beck & Co.

WILLIAM
Co.

P.
Hutton

Angeles

Co.

First of Arizona

SENA, J.

INVESTMENT SECURITIES

Los

JOSEPH E.

REFSNES, JOE
Refsnes,

& Company

HAROLD

Hutton

Refsnes,

Company

STOCKS

REFSNES,

639 South

Merrill Lynch, Pierce, Fenner & Beane

CALIFORNIA
EASTERN

Phone Vandike J 071

INDUSTRIALS

Company

New

Los

York Stock Exchange. American Stock Exchange

Angeles

Stock

Exchange.

San Francisco Stock

(AssocA

Exchange

Fred

Fox, P. F. Fox & Co., New York; Paul I. Moreland, Moreland
Baker, Simonds & Co., Detroit

Tom

& Co., Detroit; Claude G. Porter,

City Security Traders Association

Love,

Geo.

E. Snyder &

Co., Philadelphia;

Robert F. Donovan, Blyth & Co. Inc., Philadelphia;
Sam Weinberg, S. Weinberg & Co., N. Y.

Payne Kibbe, A. P. Kibbe & Co., Salt Lake City, Utah;

STEPHENS.

Dale Whitsitt, A. E. Weltner & Co., Inc.

Treasurer: R.

Kansas

Thursday, October 14, 1S54

FINANCIAL CHRONICLE

THE COMMERCIAL and

Waddc-ll

Pauly, Prescott, Wright, Snider Co.

Secretary: Elmer W.

STOENNER,

John Latshaw, E. F. Hutton & Company.

National Committeeman:

Prescott,

December, 1953; Took Office: January, 1954; Term Ex¬

Elected:

JASPER

& Reed,

ARTHUR

CLYDE

C. Sylvester

Wright, Snider Co.

SYLVESTER,

pires: January, 1955.

Inc., Atlanta, Ga.

Investment

Co.

WAGNER, THEODORE F

ROSTER OF MEMBERS
located

(Members

GEORGE
Hutton

unless

indicated)

otherwise

ASHBY,

City

& Company

C. W.
Lynch, Pierce,

Fenner

Beane

Kansas

WELSH, MERLE L.

Brothers

Bache & Co.

Elmer W. Pauly

R. Dale Whitsitt

Charles M. Harris

Sparks

Vice-President: Charles M. Harris, Harris, Upham & Co.

Co.,

Topeka

WHITSITT,
A.

Company

RUSSELL K.

Hutton &

DALE

Weltner

Co.,

Inc.

ZAHNER, VICTOR H.

Company

Zahner

& Company

CARNES, JAMES E.
Merrill Lynch,

Company.

President: Russell K. Sparks, E. F. Hutton &

WHITE, LEONARD A.
McDonald, Evans & Company

Investment

SPARKS,

Harris, Upham St Co

Co.

City. Kansas

BURTON, JOHN T.

Russell

Cole

JOHN

Soden

FRANK

Beecroft,
SODEN,

Bank

National

Commercial

JOHN

McDonald, Evans & Company

EARL W.

SNYDER,

BJORKMAN, J. D.
The

UDham St Co.

WAHLER,

Stern

BACKLUND,
Merrill

Harris,

PAULY, ELMER W.
Prescott, Wright, Snider Co.
PRICE,

Kansas

Burke

Pierce, Fenner & Beane

LAURENCE

CARROLL,

MacDonald

CHARMLEY, JOHN A.
B. C. Christopher & Co.

McAndrew & Co.

CLAYTON, HARVEY A.
Harvey A. Clayton St Co.

Incorporated
WALTER I.
Beecroft, Cole St Co., Topeka, Kans.

COLE,

PACIFIC COAST

UNDERWRITERS

DISTRIBUTORS

COLEMAN, HARRY L.
H.

MARKETS

Peet St Co.

1900 RUSS BUILDING

COMBEST, EARL L.
Barrett Herrlck &

SAN FRANCISCO

Co., Inc.

Bell

Telephone EXbrook 2-7900
WILLIAM

DYER.
E.

WULFF, HANSEN * CO.

Hutton & Company

EISEN,

COLLINS

BUILDING, SAN FRANCISCO
COOKE FAULKNER

MACRAE, V.-P.
Private

Wires

Eisen

W. E.

HUTTON &

Waeckerle

evan8. harold d.

TRADING MARKETS

ELLIOTT, LANDIS
Barret, Fitch, North & Co., Inc.
•

","t

Evans St Company

McDonald,
JOSEPH McMANUS

ERWIN

Lucas,

RUSS

OVER-THE-COUNTER

CO., N. Y. C.
FOLEY,

& CO., N. Y. C.

CHARLES

Peet

Co.

SECURITIES

Members N. Y. S. E.
With
to

HALL, EMMA M.

their wire facilities

use

4, CAL

Teletype SF 370

Commerce

Company

Trust

other trading centers

HALL,

JOSEPH

Harris,

Direct Private Wires to

Upham

Co.

G. A.
HANNI, ARTHUR R.
Seltsam, Hanni & Co., Inc.,
Topeka, Kans.

Harris,

Upham

Co., Inc., New York

Akin-Lambert & Co., Inc., Los

HARRIS, CHARLES M.

Can you use our

Saxton

Angeles

Co.

HARRISON, WILLIAM A.
Waddell

CALIFORNIA RETAIL FACILITIES

HILLMOND,

Reed, Inc.
A.

<■

Waddell & Reed, Inc.

Our 35 years

HUNTER, HAYWARD H.
George K. Baum St Company

market enables

JENNINGS,

blocks

through

experience in the California
us to place large or small
Western companies' stocks

retail organization.

our own

For fast efficient service call
time you

have

the next

California offering.

JOHN

Bonds, Incorporated.
JONES,
Stern

Underwriters, Distributors and

Kansas City, Kans.

CLARENCE E.
Brothers

Dealers in

Co.

JONES, HAROLD H.
Prescott, Wright, Snider Co.
JONES, KNEELAND
A.

Weltner St Co.,

JOURDAN,
H.

Schwabacher&Co.

Peet

latshaw,
E.

Inc.

WALLACE
& Co.,

Kansas City

john

Hutton

Company

J. Baktii

Established 1919

LISTROM,

LOWELL

Members
B.

New

York

Stock

Exchange
And

San

other

Francisco

Stock

Exchange

Christopher

Francisco 4,

New York

Calif.

Montgomery at Market St.

14 Wall

5, New York
Street

SUtter 1-5600

Member/:
Los

Teletype NY-1-928

MONTEREY

SANTA
-

BARBARA

SANTA

ROSA

SACRAMENTO
FRESNO

Tork

Slock

Exchange

Exchange
•

•

Snn

American

Francisco

Slock

LOS ANGELES

Stock

Exchange
•

Exchange

(A*»ocinte)

NEW YORK

MESLER, MYRON D.
PRIVATE H IRE CONNECTIONS.BETWEEN ALL OFFICES

George K. Baum St Company

Direct Lea/ed H ires to:

MEYER,

OAKLAND

New

Angeles

SAN FRANCISCO

COrtlandt 7-4150

Teletype SF-349

Co.

Mcdonald, claude m.

leading Exchanges

Established tUH'.t

Co.

McDonald, Evans & Company
San

Corporate. Municipal

and Unlisted Seearities

CARL A.

Columbian

Securities

SHEARSON, HAMM1LL & CO., NEW YORK

Corp.,

SCHERCK, R1CHTER CO., ST. LOLIS

Topeka

MOYER, MARGARET PERKINS
Waddell St

Reed, Inc.

north, frank w.
Barret, Fitch,

North & Co., Inc.

hV'

Convention

Number

Investment Dealers Association of Houston

HESS, WILBUR

MOORE, Jr., f. A.
J. R.
Phillips Investment

Fridley & Hess
JOHNSON,

Rauscher, Pierce & Co., Inc.

MOSLE, J. LUDWIG

Rotan, M'osle & Co.

La Master &

Co.

NEUHAUS, PHILIP R.
Underwood, Neuhaus

ALBERT E.

Magill, Wareing & Co.

rHILLIPS,

MASTERSON, JR., NEILL
Chas. B. VHiite & Co.

POLLOK,

ROWLES,

McClung &

Phillips

John

Company,

Harris,

Phillips, Jr.

Philip R. Neuhaus

Lewis W. Pollok, Jr.

MILES,

Christie

Neuhaus,

Underwood, Neuhaus & Co.

WILLIAM

TORPIE, ROBERT

Christie

Chas.

WILLS,

Rotan, M'osle & Co.

Dunn

New York

J. C. Bradford & Co.

WALTER

WHITE, CIIAS.

Co.

TORPIE, JAMES V.
Torpie & Saltzmap
New York City

City

WALTER

TODD,

MINAR, WILLIAM

Vice-President: Philip R.

Rotan, M'osle & Co.

RALPH

MILLAR, ESTELLE A.
B.

and

New York City

DeC.

Scott

SORENSON.

Incorporated

Phillips, Jr., J. R. Phillips Investment Com¬
pany, Incorporated.

Greene & Company

Co.

Shawell & Company

Upham & Co.

J. R. Phillips Investment Company

President: Jesse R.

SHAWELL,

CHARLES

TOPOL, ROBERT M*

Winston & Co.

SCOTT„ JOHN

Investment

Incorporated

McLEAN,

Company.

RUSSELL R.

Rowles,

Knickerbocker

Mcdonald, john a.
J.

LEWIS

Eddleman-Pollok

McCLUNG, CLINTON C.

Phillips. Investment
Incorporated

Inc.

TOBIAS, BERNARD H*m
Gerstley, Sunstein & Co. '
Philadelphia, Pa.

Co.

JESSE

JR.,

MATCEK, W. Jfc
Rauscher, Pierce & Co.,

TISCH, ALFRED* /
Fitzgerald & Co. Inc,
New York City

MURPHY, JAMES D.
Shearson, Hammill & Co.

MASTER, LEWIS M.

MAGILL,

THORSEN, LESTER J.
Glore, Forgan & Co.
Chicago, 111.

Company

Incorporated

ROBERT M.

KNICKERBOCKER, WALDQ
McClung & Knickerbocker

Jesse R.

THE COMMERCIAL and FINANCIAL CHRONICLE

TORRENS, ROBERT A.
Harriman Ripley & Co.

Co.

White

Co.

Philadelphia, Pa.

GLOVER
Wills

TOWNSEND, CURTICE

Weeden & Co.

Secretary-Treasurer: Lewis W. Pollok, Jr., Eddleman-Pollok Co.
National Committeeman: A. Gordon
Elected:

January 1, 1954; Took
Expires: January 1, 1955.

Crockett, Crockett & Co.

Office: January

Continued

Boston, Mass.

from

page

Troster, Singer & Co.
New York City

In Attendance at NST A Convention

VALLELY, EDWARD V.*
John Nuveen & Co. :'

ROSTER OF MEMBERS
LOVETT

ABERCROMBIE,

Abercrombie

Lovett

DAVIES,

NELSON P.
Continental Securities

Co.

ANDERSON, ROBERT S.
Shearson, Hammill & Co.

DUNN, JAMES

BAYLESS, JAMES

EDDLEMAN,

Rotan, Mosle & Co.

Shearson, Hammill

FRIDLEY,
Fridley

Moreland

Co.

Continental

Crockett &

Rowles.

Corporation

Securities

CHERRY, NORMAN

CHRISTIE,

Co.

BYRON

Christie

CROCKETT,

Crockett &

DAVIS,

CHAS.

Harris-Heath

."te

Co.

Jos. McManus & Co.
New York

Goldman, Sachs & Co.
New York City

Co.,

Inc.

<S2>

GSS)

New York

Primary and Secondary Offerings

Underwriters

New

Singer, Bean & Mackie
New York

York

—

City

Russ

SAN

407

Los

Angeles

FRANCISCO

NEW

Pershing & Co.

LOS

VAN

MONTGOMERY STREET

SMITH, HAROLD B*

Stock

Exchange

Stock

YORK

WALL

ANGELES

NUYS

SAN

STREET

NORTH

BUILDING

JOSE
FIRST

STREET

City

SMITH, HERBERT
Blyth & Co., Inc.
Boston, Mass,

Building, San Francisco 4

Exchange

BEVERLY

Teletype SF 573

Francisco

(Associate)

Syracuse, N. Y.

WALTER C. GOREY CO.

San

Industrial Brokers

Exchange

Stock

American

SMITH, EDWARD J*
Smith, Bishop & Co.

New York

Investment Dealers and Brokers
Distributors of

SINGER, HERB*

Inquiries invited

YUkon 6-2332

^
^

sutro o co.

i
^

SIMPSON, WILLIAM G *
Simpson, Emery & Co., Inc.
Pittsburgh, Pa.

QUOTED

•

(SiSE) <£^> (^5>

Since 1858

City

Simpson, Emery & Co., Inc.
Pittsburgh, Pa.

specialty

SOLD

SIMPSON, Miss MARY

MEMBERS

•

page

Co.

LIFE INSURANCE STOCKS

BOUGHT

SIEGEL, SIDNEY A*
Siegel & Co.

SINCLAIR, EDWARD
Weeden & Co., Inc.
New York City

are our

City

Continued

6S2) (S^)

Mobile, Ala.

Inc.

HEDRICK, JR., J. W.
Shearson, Hammill & Co.

Knickerbocker

WALKER, GRAHAM*

Shropshire & Co.

Rauscher, Pierce & Co., Inc.

Co.

111.

Chicago, 111.

City

TENENBAUM, JAY L*

SHROPSHIRE, OGDEN*

WAKELEY, THOMPSON M*
A. C. Allyn & Co.

G. H. Walker & Co.
New York

Ball, Burge & Kraus
Cleveland, Ohio

HAWKINS, E. CLYDE

CLAUDE T.

Haven, Conn.

SHORSHER, FRED A*

J. WYLIE

HARRIS,

GORDON

LAWRENCE

McClung

Winston

HARDING, EDWARD
Rauscher, Pierce &

Crockett & Co.

CROCKETT,

ARTHUR

Rauscher, Pierce & Co.,

Co.

H. Goodwin &

HAIIN,

New

SWENSON, CARL A*

Dallas, Texas

Cooper

GOODWIN, RICHARD H.

CRERIE, FRANK H.
Crerie

JOE

GOODWIN, JR.,

Chicago,

Chas. W. Scranton & Co.

Southwestern Securities Co.
and

Weeden

SWAN, LESLIE B*

Co.

WAHLQUIST, GEORGE R.

SHEPPARD, Mrs. NELL

Rauscher, Pierce & Co., Inc.

Co.

Boston, Mass.

Hess

Mosle

GEORGE,

Brown

EARL
&

Rotan,

BROWN, ROBERT D.
D.

Sheehan

FRYE, DONALD

BRANDENBERGER, JOHN W.

SHEEHAN, DANIEL, Jr.

Co.

Eddleman-Pollok Co.

Inc.

Co.,

Equitable Securities Corporation

Robert

New York City
&

Chicago, 111.

VICINO, WALTER J* '
Blyth & Co., Inc.
San Francisco, Calif,

STRADER, LUDWELL A.
Strader, Taylor & Co.
Lynchburg, Va.

Josephal & Co.

FOSDICK, JOHN JAY

BRADLEY, RICHARD L.

BRYAN,

FINKELSTEIN, JACK

BEASLEY, JR., J. S.
Rauscher, Pierce &

Marvin

SERLEN, LEWIS "HANK"*

RICHARD

Eddleman-Pollok Co.

BAYNE, JOHN M.

STONEBRIDGE, CHARLES L.
Merrill Lynch, Pierce, Fenner
Beane, New York City

SELIGMAN, BERTRAM
Straus, Blosser & McDowell
New York City

Dunn & Wills

Rauscher, Pierce & Co., Inc.

Corporation

.f"

TROSTER, OLIVER J*

1954; Term

NORTH

275

HILLS

CANON

Direct Private
CORRESPONDENT

SMITH, JOSEPH E*
Newburger & Co.

HONOLULU,
;

DRIVE

Wires
OFFICES

MANILA,

J.'y

Philadelphia, Pa.
J (SiS) <£SS) (aSSE) <SS5> GSSE) <5SSS>

SNYDER, EVERETT W.
E. W.

(2s2E> <3SSE> <3S2> <2529 <2S39 (255) (SsS> (SS2) GSS)

Snyder & Co.

Syracuse, N. Y.

trading markets
,

underwriters

SNYDER, HARRY B.
Yarnall, Biddle & Co.,
Philadelphia, Pa.

DEALERS IN

STAIB, LEE*
Geo. Eustis & Co.

OVER THE COUNTER

Cincinnati, Ohio

distributors

P;.

F. S. Smithers

brokers

New York

SECURITIES

STANFORD, KEN
Co.

City

UNDERWRITERS and DISTRIBUTORS

STANKO, M. J.
Hudson White & Co,

Detroit, Mich.

BRUSH, SUOCUMB & CO. INC.
1

MONTGOMERY STREET

•

SAN FRANCISCO

STARKEL, ADOLPH G.
Putnam & Co.

Hartford, Conn.

J. s. Strauss & Co.

STEIN, JOHN R*
Wm.

member

BELL

SYSTEM

TELETYPE

SF70

Frankel

New

York

155

Co.

City

San Francisco

GOLDMAN, SACHS & CO.

DEMPSEY-TEGELER & CO.

Stock

STEPHENS, DONALD

<v-'«

STREET

(4)

Cruttenden & Co.

Telephone

Chicago, 111.

Exchange

MONTGOMERY

SAN FRANCISCO

wire systems

STOLTZ, CHARLES E.
Reynolds & Co.
New York City
•Denotes Mr. and

Mrs.

Bell

—

EXbrook 2-8515

Teletypes —SF 61, SF 62 & SF 621

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Bond Cfub of

POZZI,

COULTER, FRANCI8 Q.

Syracuse, N. Y.

Marine Midland
Central New

Trust

Company

DREW
Si

Reynolds

ENGREN.

GEORGE

Granbery,
GEHM.

Co.

GEORGE W.
Deposit Co.

SUITS.

GRABAU. ALVIN J.
Grabau-Buchman

DONALD

William

THORNE,
Inc.

Charles T. Heaton

Francis Q. Coulter

Rollins

Lee

WILLIAM H. C.
Higginson Corporation

HEATON,

CHARLES

William

Rollins, K. B. Rollins & Co.

President: Karl B.

Treasurer:

Francis Q. Coulter,

Company

Marine Midland Trust

of Central New York.

Cohu

LAPHAM, BEVERLEY H.
B. H. Lapham & Company

LAPHAM,

WILLIAM

Jr.,

Carl M.

Loeb, Rhoades Si Co.

WALLACE,

Co.; LeRoy H. Schellenberg, William N. Pope,

L. D. Sherman &

Inc.; Drew G. Eastman, Eastman & Co.; Alvin J. Grabau, Grabau-Buchman.
National Committeemen: Edward J.
Everett W.

Sherman

Company

Newman,

Inc.

Co.,

RAPIER, EDWARD

C.
RODDY,

JAMES
Si

Jones,

Inc.

J.
SANFORD, J. B.

WARREN

White.

Hattier

SCHWEICKHARDT,
M.

FRANK

Schweickhardt

Sanford

ERWIN
Company

Reynolds & Co
MULCOCK, ERNEST R.
E. R. Mulcock & Co.

WILLOUGHBY,

POPE. WILLIAM N.
William N. Pope.

SCRANTON, JACK

WILSON, J. HOLDEN

Baruch

Cohu

Inc.

DON

Newman, Brown Si Co., Inc.,

Inc.

Co.,

Woolfolk

Co.

SMART,

New Orleans

The

Security Traders Association

;

Shober

LAWRENCE
JAMES

STOUSE.

1954; Took Office: February 1, 1954; Term

SHOBER, JOHN B.

Brown

OGDEN, FRED

Fayettevllie. N.

WELLES.

Co.

New-

NUSLOCH, GEORGE H.
Nusloch, Baudean & Smith

Smith, Smith, Bishop & Co.;

Snyder, E. W. Snyder & Co.

Elected: February 1,

Co.

MORRIS

Scharff

MILES, JOHN P.

Copeland, Reynolds & Co.; John P. Miles,

Governors: Harry C.

JAMES

Jr.,

of Commerce

LEON

NEWMAN,

Co.

York

New

TURCOT, CHARLES
Reynolds & Co.

Secretary: Charles T. Heaton, William N. Pope, Inc.

Trust

TIFFANY, DONALD L.
Donald L. Tiffany, Inc.
TORMEY,

RICHARD

National Bank

Kohlmeyer

Co.

Foster Se Adams

Pope, Inc.

Bank

TICKNER, RULAND L.

JOHNSON, ORLIE D.
George D. B. Bonbright Si Co.

Billings, Cohu & Co.

Pearne W.

Vice-President:

Midland

Central

GRIMES,

Karl

MORSE,

NEWMAN,

WILLIAM

Marine

Pierce, Fenner & Beane

JOS.

Orleans

National

Bishop

Steiner, Rouse Si Co.

GILBERT

Smith,

Pope,

Merrill Lynch,

The
Merchants

Bank of New Orleans

CHARLES

MINETREE,

II.

ROY

STOKES,

GOODELLE, CLARENCE A.

GRAY,

National American

Co.

LOUQUE, WM. N.

SNYDER. EVERETT W.
E. W. Snyder and Co.

First Trust &

Leary Si Co., Shreveport

MANION,

Smith

Jr.,

Barrow,

Bishop & Co.
LEO

SMITH,
Leo

Marache

Goodelle

EDWARD

Smith,
M.

RICHARD

FELDMAN,

Clarence

SMITH,

Co.

KINGSTON, WALTER D.
W. D. Kingston & Co.

SCHMIDT, NORMAN C.

Co.

EMMONS. EDWARD I..

Rollins Si Co.

SCHELLENBERG, LeROY
William N. Pope. Inc.

Co.

J.
Miss.

Jackson,

Co.

LEARY,

MARSHALL W.
George D. B. Bonbright

Eastman

KARL B.

ROLLINS.

DAY,

EASTMAN,

Bishop

ROBERTS. JAMES

CUMMINGS, ERNEST M.
George D. B. Bonbright Si Co.

KINGSBURY,

FRANK

Smith,

York

Hibernia

National

Eank

New

Orleans

Expires: February, 1955.

THIBODEAUX, PAUL J.
Whitney National Bank

w/wmm

New

Orleans

ROSTER OF MEMBERS
VILLERE,
St.
&

Denis J.

Reid-Bullock

Co.

Carl

Cohu & Co.

HORACE F.
Loeb, Rhoades

Co.

WEIL,
Well

Smith,

Villere

Co.

WEIL. JOS. H.

Well

CANDEE,

BILLINGS, PEARNE W.

BISHOP,

BULLOCK, JR., EDWARD

BICKELHAUP, ALBERT C.
Cohu

ERNEST

CARY. DANIEL W.
Reynolds St Co

WESLEY

Bishop & Co.

COPELAND.

BULLOCK. EDWARD J.
Reid-Bullock Co.

Reynolds

WEIL,

HARRY
Si Co.

Investment

Co.

ROSWELL J.
Investment

Co.

WALTER H.
Howard, Weil, Labouisse, Friedrichs
Company

Jr.,

WHALEN,

THOMAS

Labouisse, Friedrichs

Weil,

Howard,

and

Company
MACRERY B.
Woolfolk, Inc.

WHEELER,
Wheeler

62 Years

John J.

WILLEM, MICHEL A.
Beer & Company

Robert D. Alexander

C. Homer Kees

Zollinger, Jr.

WILLIAMS,

President: John J.

CONTINUOUS SERVICE

New

Vice-President: C. Homer Kees, Ducournau & Kees.

IN THE PACIFIC NORTHWEST

FRANK

DEMPSEY-TEGELER
BRUSH SLOCUMB

WOOLFOLK,

'i''1 k";''

CO.,

National Committeemen: Wm. Perry Brown, Newman,

LOS ANGELES

TO PRINCIPAL TRADING

Scharff

Joseph P. Minetree, Steiner, Rouse
Hattier, Jr., White, Hattier & Sanford.
ROSTER OF MEMBERS
In New Orleans unless otherwise

(Members

Nusloch,

Baudean

ALEXANDER,

Investment Securities

JOHN

Jones,

Inc.

Co.

DUCOURNAU, JAC. P.

LEON

ADAMS.

KSJ.R Harper&Son&Co.

Jr.,

FOR 1955

DERBES, 'CLAUDE
Derbes

indicated)

DELEGATE-AT-LARGE

CENTERS

founded 1892

Shober

ZOLLINGER,

& Co.; Gilbert

Alternates:

LTD., VANCOUVER, B. C.

Co.

ROBERT M.

Brown &

Co., Inc.; Arthur J. Keenan, St. Denis J. Villere & Co.

CO., SAN FRANCISCO

PACIFIC COAST SECURITIES

WITH CONNECTIONS

WIRES

Smith-Wood

Woolfolk

PRIVATE

Commerce

Alexander, Howard, Weil, La-

bouisse, Friedrichs & Company.
DIRECT

Orleans

WOOD,
A.

Robert

Secretary-Treasurer:

FRANK
Bank

National

Zollinger, Jr., Scharff & Jones, Inc.

Ducournau

Smith

Kees

Company

Howard,

ALVIS,

1504 Third Ave*

Alvis

Seattle 1 lOask

Weil,

Yakima

Wenatchee

and

Arnold

FEIBLEMAN,

Labouisse, Friedrichs &

Comany,

Jackson, Miss.

JEFF
Company

Feibleman Si

Weil,

Howard,

SHELBY
Labouisse,

Friedrichs and

Company
GLAS, R. JEREMY
Glas Si Company

Crane

HARDY,

WM. PERRY
Brown & Co.,

Newman,

FORD

Merrill Lynch,

BREAUD. Jr., J. CHARLES
Newman, Brown & Co.. Inc.

CRANE,

WILSON

BOUCHE, LOUIS J.
White, Hattier & Sanford

BROWN,

FRIEDRICHS,

LESTER

ARNOLD, H.

Tacoma

ROBERT D.

Pierce, Fenner Si Beane

HATTIER, Jr., GILBERT
White, Hattier & Sanford

Inc.

HAWLEY, JACKSON A.

Securities

Equitable

G. PRICE

Corp.

Arnold & Crane

ARTHUR J.

KEENAN,

PRIMARY MARKETS IN

St.

DANE, HAROLD

J. Villere

Denis

Co.

John Dane

KEES,

PACIFIC NORTHWEST SECURITIES

KERRIGAN,

LA VERGNE, J. H.
& Crane

Newman.

Arnold

Walter G. Mason

HOMER
&

Ducournau

DANE, JOHN
DE

Kees

JOHN
Brown

Scott, Horner &
Mason, Inc.
Lynchburg, Va.

E.
&

Co..

Inc.

Growing with the Pacific Northwest since 1913,
the

entire

through

region

offices

serve

ten

principal cities of Oregon and Washington.

UNDERWRITERS

•

DISTRIBUTORS

DEALERS

•

State and Municipal
Seattle

Bonds

Rcific Worth we st

•

First

National Bank

Company
U. S. Government
BOND DEPARTMENT

SEATTLE
PORTLAND

EUGENE

•

SPOKANE

YAKIMA

•

Bonds

14, WASHINOTON
•

ABERDEEN

TACOMA
•

•

WENATCHEE

BELLINGHAM
•

MEDFORD

Seattle 4,

Washington

Telephone Main 3131
Member

Federal

Deposit

Teletype SE 489
Insurance

Corporation

Number

Convention

7fl

CHRONICLE

THE COMMERCIAL and FINANCIAL

iwm

waif!

liiimmi
n>4'

Continued

from

Mr.

Benjamin W. Pizzini, B. W. Pizzini & Co., Inc., N. Y.; Joseph Lenn, Joseph J. Lann Securities, N.

toll

page

Mrs. Ed

Kelly, Carl M. Loeh, Rhoades & Co., New York

collection,

police

and

main¬

NATURAL GAS
CREATES..

with

parable to the New Jersey Turn¬

forces.

evaluating any predictions,
comparing these predictions
actual operating results, it
is only fair to say that the New
Jersey Turnpike is unlike any
other toll road ever constructed.

Jersey Turnpike's

Its Dream Road" summarized this
record
"If

these

the

words:

tion

Commissioners

want

industrial produc¬

sixth in

ranks

ninth

and

the

payment

of the total Federal tax bill.

Traffic-wise

considered

they might turn to a
beverage for which the State was
justly famous during Phohibition.

geographical location.

Farmers

made it by letting hard
apple cider freeze. It had plenty

tween

between the first and third

symbol,

NEW

PUGET SOUND

"corridor"

cities

was

and

OPPORTUNITIES

and

experts

revenue

Turnpike, based

our

not

serve

are

preparing

his¬

this

and it is

ing

industrial

heart

our

with

states

Turnpike

the

fact

would

that

has

partment and dramatized

every¬

act.

every

where stimulated indus¬

munication

two

our

vehicles

enue

Every medium of com¬
throughout the coun¬

the

estimate

the

this

been

the

ever

investment

new

opportu¬

nities. The Puget

was

already

Sound

has

except

and

than
all

for

our

own

talks

State

Jersey,

small

before

and

the. ad¬

ranking

the

States.

overall

States,

ranks
As

economy

order

most

ninth

have

MUNICIPAL, CORPORATION BONDS
and INVESTMENT STOCKS

iiliii

▼

iilii

GRANDE

INCOP.POP.AT

Hoge Building
Telephone MAin

SEATTLE 4

CO.

Washington

Teletype—SE 362

6830

areas,

among
in
the

lary

pansion,

important

things

creased

and

PUGET

SOUND PULP

our

pace

service

United

the

facilities
in
with it. We
enlarge our toll fa¬

and

constant

areas,

many

that

personnel

AND TIMBER GD.

ex¬

considering

in¬

incident to

without

parking

other corol¬

toll

BELLINGHAM, WASHINGTON

audit,

Tumwater and

Sumner,

—

We continue

Lacey—all served by

our

STATES

WASHINGTON

FINISHING

COMPANY

OIL

Prospectus available

Sulphite Pulp—Paperboard

request.

Industrial Alcohol
JOHN

ELECTRIC COMPANY

R. LEWIS,

INVESTMENT

TACOMA, WASHINGTON
.

High Grade Bleached

COMPANY*

AND

—

COMPANY

ELECTRIC

GAS &

VOSS

WASHINGTON GAS

•

interest in

THE UNITED

■

engineers

for

need

keep

had

cilities,

area

Popula¬

factor

the

been

expansion

geographically, is

state,

tion-wise

tralia, Auburn, Puyallup,

PACIFIC NORTHWEST

has

Cen-

eight months
vehicles.

the

traffic, of course, has posed many
problems, not the least of which

joining States. All this was done
at a very nominal expenditure.

Olympia,

Chehalis,

—■

16,700,000

assured

Specializing in

abnormal
experience

service

hundreds

45th among the 48 states.

Everett,

estimated

our

participated, too, in carry¬
the Turnpike message to

New

for Tacoma,

carried

This

Commissioners

on page

opening.

this year's first

ever

clubs,

thermal

Tremendous industrial
now

since

times

political
gatherings,
en¬
gineering groups and others, both

ing

fuel in abundance.

expansion is

of public relations

Continued

;

made,

1954, of 10,100,000 vehicles. For all of 1954
the traiffc will approximate 25,000,000 vehicles. This tremendous

staff

every

ingredient for industrial
growth

met.

undertaken.

The
area

first

of the most successful

one

programs

day

substantial

independent

And

traffic

has

2xk

about

—

engineers.

the

the
esti¬
Ac¬

—

Turnpike would carry an
mated
16,350,000
vehicles.
tually we carried 40,000,000 rev¬

pike from

activity and created

years

1852 and 1953

—

try carried the story of the Turn¬

trial

which indicates that

been

have

first

the

operation

1951, we initiated at the very be¬
ginning a public information de¬

Natural gas

Turn¬

phe¬
nomenally successful. At the time
of our financing it was predicted

opened to traffic in November of

Northwest.

opening the

operations

SUITE

710-12-14

lOOO

SECOND

SEATTLE
TWX

105

INC.

Lignosite

SECURITIES
AVENUE

4
Phone

Eliot

3040

New

extraordinary problem
performing it well.

pike to traffic in November, 1951,

sister

the

The

solve,

Successful

this

that

the fast-growing Pacific

the time the estimates were

the

through

States.

built

since

Ever

would

end, and to familiarize
people of New Jersey and of

the

area.

Operations Phenomenally

different.

highway ever

metropolitan

trip

average

Jersey Turnpike is about 40 miles

de¬

our

thriv¬

area,

Commissioners

termined that it could and

natural gas in the

Puget Sound

the

United

was

this

part,

during the
of operation. In spjte

.year

York
have
a

out-of-state

the

Turnpike

its expenses

cover

first

largest

country, New

where

tory of similar toll projects, would

the

traffic which is not matched any¬

that

the

Philadelphia.

problem

We had before us during this
period of construction, and prior
to opening, a prediction by our
traffic

Eng¬

land and the South and West.

authority and produced results

with breath-taking speed.
called Jersey Lightning."

The

It lies be¬

and New

York

is the first such

built

pike.

its

because

state

New

limited number

and

Phenomenal Success

there were a very

tgll highways on which to base
any reasonable
conclusions, and
these were not, in any way, com¬

tenance
In

New

mmm

THE COMMERCIAL and FINANCIAL CHRONICLE

Kenneth

Howard, J. A. Hogle & Co., New York;

Morton N. Weiss, Singer, Bean & Mackie, Inc.,

New York

Continued

from

tion

page

from

Delaware

Mrs.

Antoinette Donadio, New York; Mr. & Mrs. Sydney
New York;
Mrs. William V.

Valley Forge to the
This connection

River.

will

New

provide a limited access ex¬
press highway
from the George
Washington Bridge to the OhioIndiana
border
when
the Ohio

Jersey Turnpike's
Phenomenal Success

volume

the

traffic

"commuter" nature.

significantly,
traffic

only

used

the

Woodbridge

During 1953,
5.57% of the

full

118

our

later this year, and the additional
lanes should be ready when we
open the direct connection to the

of the vehicles

than

Pennsylvania Turnpike.

New

Jersey, clearly
demonstrating the "corridor" na¬
ture of New

Jersey in the traffic

pattern.
I do not believe that

said

the

constructed, and
except

need

Turnpike

now

in operation,

now

that the main

stem

must

across

83.3

already

area.

This is

super-structure of the bridge.
The cost of this new bridge will
be

six

Lincoln Tunnel

lanes

started

last

June

and

this

was
con¬

nection is scheduled to be open to
traffic in the early summer of

distance

from

shared with the Pennsylvania

Turnpike Commission. Work

1956.

miles, of which 20 miles
are

the Delaware River and for

the

enlarged. We contemplate
making it a six-lane facility from
its
present
northerly terminus,
adjacent to the George Washing¬
ton
Bridge, to our Interchange
No. 4, serving the Camden-Phil¬
adelphia

extension,

has

been

Ornstil, Wm. V. Frankel & Co., Incorporated,
Frankel, New York

indicated

that in the first year of operation

60%

The Pennsylvania

Commis¬

sion has had under construction

the further extension of its toll road
to the east for this direct

interchange to the

connec¬

mates

place the cost at $300 mil¬

lion. Temporarilly, this project

is
carry
15,600,000 being held in abeyance awaiting
is approximately the outcome of traffic surveys by

(1957)
it will
vehicles, which

what the

118-mile

Turn¬ the Port of New York Authority
is re¬ and the Triborough Bridge
Turnpike, now building, is com¬ markable to note that only 27% Authority of a new crossing of the
pleted. And when the Indiana toll of this traffic and revenue will Hudson River. This crossing will
road is completed, it will be pos¬ originate in, or be destined for, be a factor affecting the eastern
sible to travel on express high¬ the Holland Tunnel and that 73% terminus of the projected Eastof the revenue will accrue from West highway. The Port Authority
ways from Augusta, Maine, to the
its use by vehicles originating in, traffic survey is expected to be¬
outskirts of Chicago.
destined
Another extension of our Turn¬ or
available
late
this
for,
the
Hudson come
year.
Generally, this artery would pro¬
pike which has been under con¬ County peninsula.
Another extension which is still ceed
struction
is
from
our
Newark
westerly,
connecting with

pike

now

carrying.

interchange easterly by in the study stage would run from
new bridge crossing of our present northerly terminus at
This connection to the Pennsyl¬ Newark Bay and via an express Ridgefield Park northward about
vania Turnpike, at a point near highway to the Holland Tunnel 15 miles through Bergen County
This exten¬ and connect with a spur from the
Bordentown,
was
financed
re¬ plaza in Jersey City.
cently by the sale of $27.2 million sion was financed late in 1953 and New York State Thruway. Edu¬
of
guesses
seem
to think it
bonds.
Contracts have
been will cost approximately $114 mil- cated
and,
awarded for the river and land lionn It will be one of the most feasible
depending
upon
piers to carry the new bridge costly highways ever constructed alignment, it would cost from $60

paying tolls, and using the Turn¬
pike, bear license plates of States
other

interchange serving
Jersey shore communi¬

ties. The financing for this wid¬
ening in all probability will come

miles.

Every traffic count has indicated
that 60%

North

Thursday, October 14, 1954

Airport
way of

because it requires so much struc¬
tural
work
over
highways and

million

railroads,
and
passes
through
densely populated and highly in¬
dustrialized
sections
of
Jersey

to Bergen

City.

land

Both

these

extensions,

ac¬

sion

engineers, will be self-supporting
and

self-liquidating. In the

case

the

Newark

County

Bay-Hudson

Such

offer

exten¬
relief

material

County highways from
volumes of passenger and
truck traffic between New Eng¬
large

and

South,
move

cording to the traffic and revenue

upward.

would

New

which
the

York, and the
expected
to

are

New

State

York

Thruway after its completion.
All of these extensions
now

under

construction

proposed northern
York

State

result

those

the

and

to the New

one

Thruway

will

indebtedness

bonded

the New Jersey Turnpike Author¬

ity, currently at $432
almost $500 million.

million,

the

present Turnpike

point

between the Hackensack and Pas¬
saic River bridges. Then it would

through the municipalities of
populous
Essex
County to,
or
near, Eagle Rock in West Orange,
and then through Morris County,
and the southerly tip of Sussex
County to the Delaware. Here it

pass

would

with

connect

two

new

bridges across the Delaware to
Pennsylvania.
This
section
of
Essex County long has been
in
need of such a facility. We know
of

other

this

means

which

road

building

sorely

cost projections
undoubtedly will be much greater
in the years to come.

needed,

and

Thus, in

any

nutshell, I have out¬

lined to you our program to date
and what is planned for the fu¬
ture.

We believe that
done

much

our success

make possible

has

the
financing and construction of
modern toll road projects in other
A New Project
States. We see an inherent danger
At this point, it might be well
in that the outstanding success of
to
state
that
an
entirely new
the New Jersey Turnpike may,
project, which would be financed
independently
of
the
current conceivably, be the cause of fi¬
Turnpike, has been legislated al¬ nancing some projects in the fu¬
ture which should not be financed.
though only preliminary studies
have been undertaken.
The toll highway and the inde¬
It is an
East-West express highway, about pendent Authority should be used
58 miles
in length. Rough esti¬ only for self-supporting and self-

A
%

S a large construction firm with

proportionate

and thank the National Securities Traders for their service
to

industry and the investing public.

career *

WE MAINTAIN

stake in America's economic welfare, we salute

our

common

The successful market

ACTIVE TRADING MARKETS

stock is convincing proof of your

...

....

indispensahility.

Morrison-Knudsen Company, Inc.

PACIFIC NORTHWEST SECURITIES

Contractors and Engineers
24 SUBSIDIARY CONSTRUCTION
COMPANIES OPERATING

AND ENGINEERING

UNDERWRITERS—DISTRIBUTORS—DEALERS

15 COUNTRIES
Call

THE H. K. FERGUSON COMPANY

(principal subsidiary)

the

nation-wide Jos.

McManus

wire

Zilka, Smither & Co., Inc.
INVESTMENT

Including its three foreign subsidiaries
TELEPHONE

826i

SALEM

•

SECURITIES

813 S. W. ALDER

TELETYPE

PORTLAND 5, OREGON
..EUGENE

.•

MEDFORD

•

PD 155

VANCOUVER, WN.

Convention Number

THE

COMMERCIAL and
G

Mrs. Morton Weiss,

New York; Mr. & Mrs. Jones, Courts & Co., New York;

T *

FINANCIAL CHRONICLE
■

;

Mrs. Dorothy Brown,

Mrs.

Zora

Dallas

liquidating

The.r

projects.

uses

should be limited to the creation
of

which

facilities

those

serve

definite purposes and which

very

cannot

created

financed

and

by ordinary means,
We

trust,

the

other

hand,

that the problems peculiar to our

great State will be recog¬
nized by the investing public, that
own

in the securities business will
recognize them for what they are,

you

and that

extraordinary earn¬
ing capacity will be the means of
expanding the market for revenue
our

Naturally, the State and its peo¬
ple have obtained manifold bene¬

dents

fits from the Turnpike, botn dur¬

tion,

ing

its

construction

extensions

now

tion

cost

unaer

construc¬

another

$147

million.

the

citizens

of New Jersey and
of

the motorists
adjoining states who

the

all

find it necessary to travel through
New Jersey if we did not proceed
with this expanded program as

expeditiously

possible.

It is often difficult to

and

put

the

across,

fabulous

how

The

Safety Record

should

moment

our

present

Turnpike of ours.
An apt il¬
lustration, which I have used be¬
fore, is that we think of the Port
of New York Authority with its
Holland Tunnel, its Lincoln Tun¬

touch

for

record

travel.

was

per 100

This

all accident
State

rate

highways.

about

fraction of the rate

highways

as a

over¬

parallel free

And it is
on

a mere

the nation's

but

New

miles

the

Jersey

118

road

whole.

Turnpike Authority
in, in tolls and con¬
cession revenues, a sum equal to
in 1953 took

the

than half the revenue

Port

Authority took

that

last

from these six river cross¬
ings. This, to my mind, demon¬
strates rather practically the kind
year

of traffic and the kind of revenue

with which

are

dealing and it

than 16 million cars, carry¬

ing about 40 million persons who
traversed the Turnpike in that
eight months' period—each for a
trip averaging 40 miles. The sec¬
ond viewpoint is the number of
fatalities per 100 million miles.
The

record

the

first

eight

months is 2.42, an extremely low
rate.
For
the
paralleling State

highways in

1953, the latest fig¬
available, show a rate of

sets the

Turnpike apart from any
other toll highway ever built, or

ures

projected.

age was seven.

about

six and the national

and

some

this

2,000

force

has

re¬

Investment Dealers Digest
New York

aver¬

None of the acci¬

City

mission, Washington, D. C.

WILLIS, EUGENE F*

ZINGRAF, CHARLES M.

POPE, Jr.
Suplee, Yeatman & Co.
Philadelphia, Pa.

Laurence M, Marks & Co.
New York City

J. W. Tindall & Company

Atlanta, Ga.

ZINZER, HERMAN J.

W1NFIELD, WALTER

Dempsey-Tegeler & Co.

N. R. Real & Co. '

St.

Jersey City, N. J.

WINKLER, WILLIAM W *

AMERICAN BANK BUILDING.

PORTLAND 5, OREGON

Thayer, Baker & Co.

Scharff & Jones, Inc.

Philadelphia, Pa.

New

the

maniac at the

system

our

rod

the

and

wheel, of providing
adequate highways

own

hot

citizens and those of

safety that humanly

provided

the

highways.

users

can
our

>
i

Continued

from

page

|3p§l[ 1

• UNDERWRITERS

UfltffrPM Mnh
I III
f
I

• DEALERS

Aft

• DISTRIBUTORS

Active

In Attendance at

PACIFIC

■

NORTHWEST SECURITIES

NSTA Convention

for

over

30 years

WALKER, LOUIS E.
National Quotation Bureau
New York City

Inquires Invited

WALLINGFORD, CHARLES*
Byllesby & Co., Inc.

ATKINSON

Philadelphia, Pa.
WALLINGFORD, JOHN D.
Stroud & Company, Inc.
;
Philadelphia, Pa.
WALLINGFORD, Miss MARY
H. M. Byllesby & Co., Inc.
Philadelphia, Pa.

COMPANY

wnvebtthenf ffectiutieb
408 U.S.National Bank

Building

PORTLAND

•

BRoadway 6433

OREGON

WALSH, RICHARD H*
Newhard, Cook & Co.
St. Louis, Mo.
WARNER, HENRY B.
Henry B. Warner & Co.
Philadelphia, Pa.

Specialists in Securities

WEEDEN, FRANK
Weeden & Co.
San Francisco, Calif.

Pacific Northwest

WELCH, EDWARD H.

UNDERWRITERS

DEALERS

DISTRIBUTORS

Company

Chicago, 111.

JUNE S. JONES & CO.

WHITING, EDMUND A.
Carl M. Loeb, Rhoades & Co.

INVESTMENT TRUSTS

New York City

WHITNEY, RICHARD E*
Whitney & Co.
Salt Lake City, Utah

•

New York

City

'Denotes Mr. and Mrs.

SECURITIES

CORPORATE

MUNICIPAL
SINCE

BANK

BUILDING

AT.

Starkweather & Co.
AT & T TELETYPE PD 229

Orleans, La.

are

WIELAR, JACK B.
TELEPHONE ATWATER 4389

Louis, Mo.

ZOLLINGER, JOHN J., Jr.

INVESTMENT

SECURITIES

BYRON D*

Securities & Exchange Com¬

YE ATM AN,

WELSH, HENRY C., Jr.*
Lilley & Co.
Philadelphia, Pa,

George Patten Investment Co.

Fraser,

our

driver

Sincere and

PACIFIC NORTHWEST ISSUES

WILLIAMSON, E. COIT
Schmidt, Poole, Roberts &
Parke, Philadelphia, Pa.

WEISS, MORTON N*
Singer, Bean & Mackie
New York City

RETAILING & TRADING

James

summonses

sponsibility, of which we
keenly mindful, of protecting
law-abiding patrons from

H. M.

The fatality rate can be viewed
nel, its George Washington Bridge
and three other bridges, as having from two angles. The first is that
exceptional earning capacity. there were 11 fatal accidents with
With

time

been

WOOD SIDE,

WILLIAMS, CHARLES

the

million

one-seventh the rate of the

has

being issued each month.
Along with all of the planning
and construction, we find a re¬

be
a

the

accident

miles

policy

some

mum

safety record of
the Turnpike which is excellent
and unmatched by either the
parallel highways in the State or
by public highways of the nation.
For the first eight months of 1954
on

illustrate,
low figure of 55.4
point of

this

be at¬

Los Angeles; Mrs. Marie Mullins, New York;
Stern, Frank, Meyer & Fox, Los Angeles

adjoining states, and of the maxi¬

the

Turnpike

We would be dere¬

duties

our

for

reaction to our pro¬
jected program. We trust it will
lict

tough
sulted

cities.

our

ward to your
be favorable.

can

the design, construc¬
the maintenance of the
Turnpike. They are the result of
or

its

the extent that it will
By far the greater opportunities
absorb, at very reasonable rates have accrued from joo opportuni¬
of interest, of course, all of the ties, and the business and indus¬
securities necessary to finance our trial
expansion that has taken
place. These improvements will
requirements.
multiply with the new extensions
Selfishly we want to get every
benefit that a fabulous facility leading to our industry, our farms,
our
famous shore areas, and to
such as the New Jersey Turnpike
We shall look for¬

Turnpike

and as the
operation. An out¬ either human or mechanical fail¬
standing benefit,
obviously,
is ures.
the one that this self-supporting,
Even with 77 State
Police, and
self-liquidating toll road nas re¬ with our own complete radio sys¬
lieved the State of a $285 million tem, with some 70 mobile units
expenditure for urgently needed for receiving and transmitting, we
highway facilities of a comparable still have a problem of controlling
nature, without considering the speed on the Turnpike. A real getresult

bonds to

is entitled to.

the

tributed

Fraser,

STOCKS

BONOS

BONDS

1927

PORTLAND

1318

4, OREGON

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Ogden Shropshire, Shropshire & Co.,
J.

Edward

Continued

from

page

Mobile, Ala.; Richard H. Walsh, Newhard, Cook & Co., St. Louis;
Smith, Smith,

Bishop

Col.

Oliver

Troster,

Syracuse

Co.,

Singer

First of Michigan

ever,

come

Some SEC Problems

good

rule.

with

for having
working hard to

reason

are

stabilization

rules

does

set

which

fact

distributions

again,

and

the

remember

of this

case

like.

Here

our

rules

that

have the force of law

Section, the rules

tion is

submit

highly technical and always

Act makes it unlawful to stabilize

and

may

contravention

such

that

to make rules.

has been. The Securities (Exchange

"in

Commission

why

rules

codify existing permissible prac¬
make
under

are

That is

that

duty

one

reason

have proposed formal sta¬

bilizing regulations.

the Commission

rules

per¬

prescribe as necessary or ap¬ petuate present practice

tend

act like

propriate in the public interest or

the

The other is
that

regulations

extent

government of

this

tion from civil

has

direct

Division
which

worked

our

reasonably

some

practice because those who

our

are

activities which

are

permit-

ter

under present practice.
That
criticism is being carefully exam¬

Trading and Exchanges
operate
on
principles
becoming generally well

ined

and I believe

that

staff

our

questions the validity of some of
the criticism. The fact that such

known.

However, when the statute tells

disagreement

can

arise,

discussing the

are

pro¬

must

they

may

all

the industry so that the rules
will be formulated with an aware¬
of practical consequences. We
hope that the rules, when finally
adopted, will prove to be a work¬
manlike job in the public interest.
ness

the

well in

posed rules with technically com¬
petent people in our own staff and

men

protection of investors." rather than a government of laws.
For many years, in fact even now We think that people should know
pending the adoption of rules, any without guessing, what is permit¬
proposed
stabilizing activity
is ted and what is prohibited.
cleared by telephone on a case
The proposed rules have been
by case basis. I understand that criticized by some as prohibiting
for

sult in the imposition or

how¬

Rules

Controlling

Insiders

Another type of problem is pro¬
vided by Section 16(b) of the Se¬

alike.

treated

should

which
At

the

same

time

the rules should not be so complex
that

no one

will understand them.

The public and

this

workmanlike job of describ¬

They

seem

complex as time goes
The Commission as a matter

Considerations to

Some

To my

want

want you

the

impress

the fact that the job

idea

seriously.

one

take

you

moment

ourselves

We realize,

our

labor,

the

all

our

management, and
system which

gives that genius free play are the
why you have a mar¬

ket to trade in and
to

why

have

regulate.

technical

the fact that anything we do

section of any statute
by us presents a
multiplicity of problems. More¬
over, wrong decisions might have
the country. Yet the serious consequences.
From the
administered

they govern the rights and lia¬
bilities of many thousands of peo¬
ple all

over

differences
which

between

transactions

afford

opportunity to use
information unfairly and

transactions which do not afford
that

opportunity

are

illustrations I have given you can
see

All

kinds of problems

arise

options, mergers,
sales of assets, liquidations, underwritings of primary distribu¬
tions, underwritings of secondary

of the opposing consid¬
we

are

required to

weigh:

technical dif¬

connection with

some

erations which

(1)

ferences.

The

the

against

need for certainty
danger of too much

rigidity;
(2) The need for administrative
flexibility against the danger of
purely personal government;

mi
financial
industrial
fund. inc.
SYSTEMATIC INVESTMENT
PLAN

CAPITAL ACCUMULATION

PLAN

Rocky Mountain West...
f!

Boettcher and

Company

meant

are

interested in baying or

selling the securities of:
Frontier

Refining: Co.
Corp.

Apache Uranium
Bay Petroleum
Big Horn Powder River

Ideal Cement Company

Central Bank & Trust Co.

Kinney Coastal Oil Co.

Cheyenne Oil Ventures

Kutz Canon

Colorado Central Power Co.

Lisbon Uranium

INCOME PLAN

Mountain Fuel

Colorado Interstate Gas
Colorado Milling: & Elevator
Cresson Consolidated Gold

Prospectus

w.iwncu
may be obtained upon
upoi
request from your investment
r-----

Golden Cycle

Co.

dealer

Supply Co.

Mountain States Tel. &

Tel. Co.

Oklahoma Oil Co., Inc.

from

ffiff.
management

corporation

Principal Underwriter

Denver-Chicaffo Trucking:

Investment
828

17th

NIW

YORK

STREET
•

•

CHICAGO

Banking Leadership

DENVER
•

•

TAbor 5-5211

COIOIUOO

SMINGS

constitutional

under any

persons bound by
certainly their lawyers

able to understand them. After

inside

In the

are

I don't

easy one,

to get for
that

upon

they developed that way for
reason.
I want to impress upon

are

■Mi

ex¬

regret my remarks have

them and

Building

but

think this

enough that the

Colorado

While
you

one

turned out to be pretty

unfortunate. Rules should be clear

Denver 2,

Weighed

mission's rules.

610 Patterson

delay while

real reasons

vate litigation to interpret to the
courts the meaning of the Com¬

CARROLL, KIRCHNER & JAQUITH, INC.

from

too

of fact has many times been in
the position of intervening in pri¬

in the Mountain States

ger

haustive information is developed.

ing the limited area in which such
cases fall.

on.

URANIUM and OIL SECURITIES

able information against the dan¬

sub¬

grow more

and

the basis of
reasonably avail¬

the Commission over the last year

from time to time.

MUNICIPAL BONDS

complexity;

(4) The danger of taking action

doing is not

ject have been made and remade
I

for completeness

need

the bar—not to
you traders—should be
given understandable rules to live
by. Much work has been done at
mention

endeavoring to clarify rules un¬ sure you do, that the strength of
curities Exchange Act which im¬ der Section 16(b), but we do not the
American
economy
is not
wish to
propose
any
revisions
poses on certain insiders (officers,
without having given them very something which is a creature of
directors,
10%
stockholders)
a
liability for short-swing profits thorough study. The Commission government. In a sense, you and
realized from trading of listed se¬ considers that Congressional pol¬ we are only part of the mechanical
curities.
This section was put in icy
has been categorically ex¬ operation of the
economy.
To be
the law to prevent the unfair use pressed in favor of corporate re¬
sure, we like to think of ourselves
of inside information.
of short - swing trading
The Com¬ covery
mission is empowered to exempt profits by insiders.
Exemptions as being reasonably important
by rules and regulations transac¬ from the statutory liability should parts.
The fact of the matter,
tions which it deems not compre¬ be granted only in cases where
however, is that the creative gen¬
hended within the purpose of the there is no opportunity for unfair
ius of our scientists, our farmers,
use of information.
We want to
Section.
The rules
on

Specializing in

be fair and treat alike

situations

too much

re¬

liability. The rules
in order that

Horn

description against the danger

exemp¬

complete

Clarence

(3) The
of

and in the

tice.
the

This subject of stabiliza¬

known.

& Co^ New York;
Corporation, Detroit

Potash Company

Denver National Bank

Sioux Oil Co.

444 Sherman Street

Denver Tramway Corporation

Empire State Petroleum

United States National Bank
United States Potash Company

Denver 9, Colorado

Federal

Utco Uranium

Uranium

Front Ranffe Oil

and Uranium

of America

Western Empire Oil

Amos €• Sadler & Co.
First National Bank Bldg., Denver
_____

DN 490

KEystone 4-0101

Specialists Rocky Mountain Region Securities

Convention Number

Allan

Lopato,

Allen

Company, New York;
Coleman, Allen

Merritt

Continued

from

page

Corby,

Joseph
&

Allen & Company,
York City

New

York

Attitude
Toward Foreign Investors

already been adjusted several the best

To me,

needs.

devaluation.

the

before

R. Schlichting, Wm. P. Harper & Son & Co., Seattle, Wash.; Jerry Tegeler, Dempsey-Tegeler
& Co., St. Louis;
William Gregory 3rd, Bonner & Gregory, New York

Hugh

of return to the companies
forming those services."

Mexico's Changing

months

City;

New

Company,

(A)

had

CHRONICLE

THE COMMERCIAL and FINANCIAL

means

That committee

ing with the

there is no doubt that the
adjustment is a clear ex¬

of financing those
worK-

collaboration of the

per¬

Does the recent step fore¬

shadow

liberal

other privately-owned

rates

for

utilities in

Mexico?

(A) "The recent steps taken in
relation

the

of the

rates

Mex¬

ican Light and Power Co. are not
isolated.

The

has-increased

ment

Govern¬

Mexican

the

rates

for

other
public utilities recently—
International
Bank
for
Recon¬
some
bus lines, telephone com¬
of
government
policy struction and Development and
panies and air transportation—
aimed at enabling a public utility may report in the early part of
and, I believe, is studying adjust¬
to obtain a reasonable rate of re¬ next year.
I think that the find¬
ments for other electric companies
turn on its investment and thus ings and recommendations of that
and railroads. There is no reason
to
attract
private capital, both report will have an important
why those adjustments, which are
domestic and foreign, in the field bearing on future Mexican policy,
made to allow a reasonable rate
of electric power generation and not only as to public utilities con¬
of return, should be limited in the
nected with the generation and
distribution in Mexico.
future only to electric power util¬
distribution of electric power, but
"Like
many
other
countries,
ities."
also in the whole field of private¬
Mexico
is
now
faced
with the
(A) Do you prefer private for¬
problem of increasing production ly-owned utilities—including gas,
eign capital to official
(IBRD,
without inflation. The problems telephones, telegraphs and urban
Eximbank) for development pur¬
faced
by Mexico
arise, among transportation."
poses? If so, why?
other things, from the fast pace of
(Q) If costs later increase again,
(A) "I think that for certain
the increase
of
population and will additional rate increases
types of investment it is not a
the desire
to
better
the living again be granted?
question
of preference,
but of
conditions of the people. To at¬
to
have
the
investments
(A) "I can't answer you direct¬ need
tain this purpose requires a rela¬
made. I refer to investments that
tively high rate of investment. So, ly on this question, but I think
that if the Mexican Government necessarily have to be made by
if
we
are
determined to avoid
wants
to
have
efficient public the public sector. It is difficult to
inflationary policies deriving
utilities and wants to encourage conceive of private investments in
from
excessive
investment,
we
investments in this field—and I reclamation projects, highways or
need to attract private investment
believe it does want both of these port development. There are some
as much as possible, allowing the
additional fields, usually covered
investors to obtain a reasonable things—it will have to continue a
in other countries by the private
rate of return. Public investment, policy of making possible a rea¬
sonable rate of return and carry sector, that at the present stage of
nevertheless, still will have to
out policies that will contribute Mexican development also have
have an important bearing as a
still further to the creation of a to be made by the public sector as
complementary source of capital
a matter of urgency, to avoid bot¬
to attain the rates and levels of permanently favorable climate for
tlenecks in the economic develop¬
investment necessary to develop attracting private funds to these
ment of the country.
activities."
Neverthe¬
the country's resources, especially
less, I am sure that the Mexican
due to
the fact that there are
(Q) How has the Mexican pub¬
Government would welcome pri¬
some
fields
of investment that
lic
reacted
to
the
granting of vate funds in these fields as well
appeal less, or not at all, to
higher
rates
to
the
Mexican if they were available."
private capital.
(Q) There is reportedly sub¬
"On the other hand, there are Light and Power Company?

recent

pression

indications

the

Mexican

the

development

power

last

industry.

year

committee
the power

great

think

that

was

ment

United

States

existing

Mexican

vided by

private enterprises. But
spend gov¬
funds to acquire existing

it would be illogical to

What is Mexico's attitude
public ownership of util¬
ities? Is it likely that the govern¬
ment
will
nationalize
privately

plants when the need for increas¬
ing additional investment in this
and other fields is so pressing.

(Q)

toward

owned utilities?

ernment

"On

the contrary, I think that
government's policy is direct¬
ed toward attracting private funds
for the improvement and expan¬
sion of public utilities financed
and owned by private capital."
the

(A) "With the exception of the
railroads, which were disrupted
during

revolution

Mexican

the

and had to

be put on a sound fi¬

nancial basis,

in spite of

very

returns, most of the public
ities

don't
has

are

think

nationalize

due to

that

the

intention

any

electric

private hands,

them.

power

the

and I

Has Mexico any plans for
power plants such as Ar¬
gentina is reportedly contemplat¬
(Q)

atomic

ing?

government

of
In

low

util¬

trying

the field

during

the

(A)

are

energv

'30's,

depression and to the

far

don't think that there
plans related to atomic
for power generation. As

any

know, the costs of

equipment would

not

such

be attrac¬

corresponding lack of investment,

tive for the next few years.

Any¬

the Mexican Government

how, I

stage

created

the Federal Power Commission to

supplement

the

generation

and

one

will

don't think at

could

seriously foresee what

happen

this subject

Continued

distribution of electric power pro¬

this

and

page

STONE, MOORE & COMPANY
=INCORPORATED

INVESTMENT
U

BANKERS

S. NATIONAL BANK BUILDING

DENVER

2, COLORADO

Telephone KEystone 4-2395

Teletype DN 580

Active Retail Outlets

ERNEST E.
K. F. MAY

STONE
HOWARD J. HANNON

invest¬

bank

ac¬

the

end

generally

appointed to study

SERVING

scious

received,

well

for

case

government opinion

ing the next 10 years as well as

the

increase.

beginning
the

need

to
for

Public

(A)

held abroad

source

as a

of the
possible

Underwriters & Distributors

Mexico

investment

has

the need to give a

great part of those funds consti¬
tute the working balances of ex¬
port
and
import companies of

reasonable rate

INVESTORS

STOCK EXCHANGE

always been exaggerated.

Mexico.

ume

find

can

SO$WOR9W

INVESTMENTS

the

course

trade,

you

relatively not

are

there

are

Local

idle

Municipal & Corporation

Securities

by individuals that

be attracted to Mexico

I have

from

Principal Markets.

Specialty

but,

said, these idle balances

the viewpoint of the

economy

are

pared

with

the

ments

made

out

Mexi¬

negligible com¬
current
of

our

Phone MA. 3-6281

invest¬
domestic

SvUbtVAJXT « cd
Phone KEyitone 4-6241
DENVER, COLORADO

foreign

they

balances held

AMERICAN STOCK EXCHANGE

compare

you

our

that

could

660 Seventeenth Street

amount of those funds to the vol¬

large.

Associate Members:

significance

"The

funds

public services and to understand

MIDWEST STOCK EXCHANGE

Private Wires to

capital for Mexican development?

con¬

efficient

Rocky Mountain Empire Since 1916

Members: NEW YORK

Direct

not

Mexican

has

needs of Mexico dur¬

in the

private

return

but the counts, securities, etc. Is there a
electric public understands that there was possibility of tapping Mexican

special

was

(A)

interest

Government

the

stantial

the

investment media."

savings.

We think it will be pos¬

sibly to

tap

equity

investment

provided the return
offered

PdmWri{er&ChristmseH,%

Mexican savings for

compares

in
on

Mexico,

the shares

favorably with

mound

WVITAIU

INVESTMENT BANKERS
STREET
DENVER (2) COLO.

724 SEVENTEENTH

THE COMMERCIAL and FINANCIAL

Mr.

Mrs.

Samuel

Magid, Hill Thompson & Co., Inc., New York;
Company of North America, New York

C. D.

Runyan,

John

from

countries, too, make investment
more
attractive," Mr. Garner

page

Mexlight Is "Naturally
Delighted"; Thinking

added.

Mexico's
how it

will

affect

the

generation

of electric power."

underdeveloped

see

Statement by
Vice

President of World

"The

decision

Government

21.2%

rate

Light

can

Mr. Garner

the

grant

increase

Power

and

interim

Bank

Mexican

the Mexi¬

Co.

constructive

step

coun¬

not

rent

far

power

line

the

The
Mexi¬

the

Mexico

realizes the need

en¬

foreign capital to invest
power

and

facilities

activities; and it recognizes
role
which profit incentive
point

may

that

prior

plays in such private investment.
I

IBRD,

the in¬

other

Bank's

hopes.

anything

heretofore.

had

have

ernment

step
in

with

World

pros¬

all

not

ment

out,
incidentally,
the capital invest¬

envisaged

recent

plans

foreign capital. Private Mexi¬
can capital is expected to become
is

can announce-

men.t,
held
friendly
dis¬
cussions

with

all

Rsbert L. Garner

"We

par¬

very good

The rate increase

porterft.

It is very

cision

applaud
in

the

Mexican
of

case

de¬

Mexlight's

rates and should like to see other

the

21.2%

Mexlight, effec¬

1, 1954, the IBRD's 1954
the interim

notes

nature of the increase and
reports
that "a final
adjustment is ex¬

pected

made

the

near

discussing the rate increase

with

the

served
will

writer

that

Mr.

the

utility and

"If

country

get

efficient

rail

service,"

"it

must

its

own

road,

let

and

said,

the

enterprise pay
The Pacific Rail¬

way.

for

IBRD
will

Mexican

utility

public

ob¬

principle

the

other

enterprises.

wants

Garner

same

applied

Government
rail

example, to which the
$61,000,000 in August,

lent

basis.

put

self-sustaining

They want to make it an
enterprise, with rates

economic

high

enough

maintain

good

service."
At

meeting

IBRD's

Mr.

the

1953

Eugene

Black

"We

the

length.

some

attention

sumers

will

coun¬

have

provide

that

the

device

Unlisted Securities

the

Wires

this

developed

after

much

and
can

Francisco, Louisville, Lexington, Nashville,

Draper

fiscal

the

applica¬

our

tion

for

the

out,

be got

granted

"Nearly
invested

rate

adjustment of

billings.

000

This

in
Wm. H.

rates

lower

than

most

large

States

and

Draper, Jr.

lower

American

United

the

than

most

countries.

last April

planned, in view

had

of the

reason¬

ably satisfactory earnings in 1953,

book

earned about 5%

value of

456

been

our

demand

tire

the

stock,

common

ing

This
of

indicates

quate

recognized

The

the

The

the

and

COMPANV

pay

modest dividend

rate

which

ronto and

is listed

To¬

own

should

London Exchanges and

over-the-counter

New

York.
had

offering

public

reduction

two

members

also
our

laid

securities

Mexico.
in

plans for

our

the

Naturally the
net

earnings

by the devaluation and by

wage

increases

this

year

Commission
of

"We

the

Economy,

Sr.

the

our

for

4th Street

nounced

known

MO.

Foreign

GArfield
LD

1-0225

123

the

thus

particularly for their realiza¬

adequate
tract
vate

the

earnings
large

alone

amounts

capital needed to

that

the

Power

resentatives

this

one

an¬

year,

it is

American

Company's

and
rep¬

have been negotiating

with the Mexican Government for

similar treatment.

Louis, Mo.

can

assure

Peltason, Tenenbaum Co.

investment

only

far

their

problems,

tion that reasonble rates to permit

adequate rate

for

Tariff

Minister

Loyo,

to the

Mexican
to

and

understanding
and

express

personal appreciation

private

increase

been

by the Mexican Gov¬

ernment.

our

St.
the

which

degree

power

structure.

Exchange

ade¬

earnings,

large

and

Bank

foreign utilities

attractive

im¬

future

necessity

burdens;

en¬

the

not

budget

price

that

required financ¬

for

and

that

emphasizes

the

light

duplicate

our

rates

now

five years.

appear

investment

program

has

the

put to work
or

for

would

have

years.

been

$50,000,-

some

from private investors,

While

ST. LOUIS 2,
Bell Teletype

has

property

present rate of growth

portance

"Prior to the devaluation of the

when

the

this

the

power

shall

cities

peso

"At the

will still leave
our

plans and

$200,000,000

during the past four

i t h

October

our

these

past 50 years; and

about 21% ef¬

fective

review

pany.

and

average

again

grounds

capital for

pressure

di¬

long, be able

under¬

based

budgetary

insofar

Mexlight

320

"our

rate

revision

caused

power

reasons.

return based

Stock

Gen¬

continued,

rectors should before

nowadays, Mr. Garner pointed

Midwest

earn¬

the financial progress of the com¬

recom¬

if anything,

ideological

investment in

Members

our

1954,"

stressing of private

countries

lessened.

City and Milwaukee

SCHEHCIi, UUII LI

improve

Oct.

realizes that all governments have

York, Chicago, Dallas, Houston, Los Angeles,

Kansas

increased rates will

seen.

The IBRD's

tremendous

San

of this writ¬

score,

investment

New

already

report

What

Direct Private

that

Chile, it is not contem¬
as

remains

will

through

ing.

We Make National Markets in

the

recognized the

traded

plated by Mexico

mend

both

means

present power survey will

BUT

ings
eral

their electric bills.

Although

of the Middle West

"Now

substantially

con¬

energy

capacity,

surcharges

use

postpone

dividend declaration and

immediate financing.

Mexican

common,

electric

expanding

when

ex¬

He pointed

given to devices whereby the

Heart

were

Government

LOCATED IN ST. LOUIS

statement, said:
all
naturally
de¬
a

dis¬

power

that, unless capital is
forthcoming from private inves¬

have

request for

Mexican

problem of

then

tors,

lighted

annual

pansion in underdeveloped
out

Latin

the

tries

Draper, Jr.,

validity

future."
In

General William H.

chairman of Mexlight,
responding

(supplement issued

Sept. 25, 1954)

cussed

problem

ties concerned.
a

primary contributor to utilities
in the stage that lies

expansion
ahead.

the

Oct.

for

annual report

will result in

better information

bioelectric

survey

vestment needs than

courage

case.

definitely

its

pective power needs and the cur¬

viewed
isolated

careful

attacking the problem in a very
sensible way. The Mexican Gov¬

which

should

subject

increase

tive

tries

generally.
"Mexico
is making
and serious
survey of

the

rate

hope

in line with what we

much

forced

common

of Dividends

Changing Attitude

Thursday, October 14, 1954

Latshaw, £. F. Hutton & Company, Kansas City, Mo.; Mrs. Landon A.
Freear, Ft. Worth, Tex.Tom
King, Dempsey-Tegeler & Co., Chicago

Trust

Continued

CHRONICLE

at¬

pri¬
the

Convention Number

John

Murphy,

constant

Hornblower & Weeks, Philadelphia; Frank J. Morrissey, F, J. Morrissey
Philadelphia; Patrick J. Cummings, Bear, Stearns & Co., Chicago

growth

Mexico's

"At the end of this year,
our

service,
about
of

Patla

new

the

hydro

will

have

kilowatts

million

capacity.

generating

own

rate

Government

can

but

partial

justment

System, totaling

Aleman

granting

ad¬

rate

Light

Mexican

the

understand

in the

ted

substantial

the

gene r a

will

adjustment

that this

and built by the Federal Electric¬

increased expenses.

Commission.

The

the need of any restric¬

against
tions
in

its use,

its

insurance

greater

and

power,

half

than ever before

century of service to

the public.

This is

want

much to maintain in

very

condition we

the interest of the Mexican econ¬
omy

and the recent rate increase

will

certainly help in this direc¬

the

most

cult

diffi¬

and

accomplished

his

predecessor, former Ambassador
George Messersmith, in building
up

the

for

the peso

Mexican

Mr. Messersmith is

Chairman

the

credit

Government.
now

Board

Honorary
of

Mex-

light and still contributing greatly
the

company's

success,

Mr.

this situation should

Mr. Eugene

the

IBRD,

Gratified

gratified

private

con¬

enterprise

pleased, too, that the

very

kilowatt Patla

which

loan

our

will

finance
power

soon

hydro

helped

delivering

to Mexico City to meet the

growing demands of the popula¬
tion

Mexico's

and

industrial

Patla

mentioned

plant

will

Black

dedicated

the

and

Among the latter

foreigners.

will

John

Mr.

Snyder,

states

also goes into

Continued

page

OF
INVESTMENT
BANKING

that

the

Stifel, Nicolaus & Company

Banco

following observations
the

the

INCORPORATED
■

513

CHICAGO 3
105 W. ADAMS ST.

ST.

15TH

Bell

Telephone—4-5604

Teletype SL 392
Private

EXCHANGE

MOLINE, ILL.

314 N. BROADWAY
Bell

STOCK

MIDWEST

MEMBERS

LOUIS

ST.

re¬

Wire

St.

Between

and

Louis

Teletype

Chicago

CG 697

Office

problems facing

basic

Tracing

out that during

And Invites

past 10 years the number of

electric

installations

power

"If

has

plant
size has increased considerably.
All this is a cause for satisfaction.

doubled

average

growth has not been uni¬

But the
form

the

and

and,

moreover,

installations

the

located

are

newer
in the

find

can

it"

Specialize In Orders For Banks And Dealers

want

offerings,

Odd

Lots,

Missouri D.

Municipals

JONES ' & CO.
1871

MEMBERS
New

York Stock

Midwest Stock Exchange
American Stock Exchange (Associate)

Exchange

Chicago Board of Trade

has experienced a
considerable degree of structural
modification since 1943, permitting
The industry

Your Inquiries

Market

ESTABLISHED

erally speaking.

300 North 4th
CEntral

Saint Louis 2, Mo.

St.
Bell

1-7600
Direct

Private

Teletype SL 593

Connections

Wire

with

Josephtlial & Co., New York, and Francis I. Du Pont & Co., Chicago

operate on a more ecomonical and efficient basis, the study
it to

productivity over¬
but slightly since
of 100 to 105.

Labor

risen

has

there

EDWARD D.

part of the country, gen¬

shows.

Department Is Active In All

Local Listed And Unlisted Securities

growth

recent

MARKETS

LOUIS

Our Trading

poten¬

future

its

ST.

industry

utility

electric

examines

tialities.

itself

addresses

book

Mexico's

all

•

of the bank:

major

and

based

are

monthly

recent

most

The

economics.

field

the

central

development."
The

offered

prise

the

45,000

figure had fallen to

The Lara survey

capital productivity is brought
into relief when it is realized that

awarded the annual

the author points

Mexico.

the President of
Mexico in the presence of a dis¬
tinguished audience of Mexicans

Black, President of

give real

greater

and

encouragement

1951

88.9,""the" review"

outstanding Mexican contribution

recognition

production for 1937 equal to

the

100

book, published

The

institution.

last year, was

The

Government's

in¬

to compensate for the
hydro decline. "The overall drop

con¬

de¬

with

produc¬
was

adequate

Nacional de Mexico for the most

before

units

Of a

Financiera, is one

series of studies sponsored by

view

Oct.

have

peso

held

position

plant

54%

thermal

SIXTY-FOUR YEARS

staff

the

was

Nacional

the

from

study by

fidence

increase

tion

A Study by 9 Mexican
EcdnoftiiSt

for
a
rate adjustment
necessary in order to reestablish

The

Mexlight,

request

"The

are

directors

present

the

among

whom

de¬

the

siderably increased the company's
costs of operation and made its

Mr,

Draper stated.
Black

the

this

increases

wage

valuation

new

the

including

Mexico,

the effects of

and

year

combination with
from

Two

light.

$26,000,000 IBRD loan in

the

for

$26,000,000 power loan for Mex-

and in arranging

company

happy to approve sev¬

loans

eral

also paid tribute to

constructive

task

have been

both

Belgium,

valuation.

tion,"' Mr. Draper concluded.
Mr. Draper

land,

author

"During the past few years we

company

the

Cristobal Lara
supplemented shortly in
Beauteli, "La Industrie tie
fully meet the company's
Energia Electrica," made while its

order to

ity

Secretary

White, Weld & Co., New York; James R. Brewer III, John C. Lege & Company,
York; Mr. & Mrs. Wilbur Krisam, John C. Legg & Company, New York

Van Zeeformer Foreign Minister of

Bank.

the World

.200,000 kilowatts capacity, owned

will then have greater reserves

New

former

and Power Company is most gra¬

tifying to

Miguel

com¬

Thomas J. Milllins,

Co.,

Treasury, and M. Paul

In addition it will have available
power

policy.

"The recent action of the Mexi¬

with

plant

company

half

its

Mexican
mented:

resources.

power

and FINANCIAL CHRONICLE

THE COMMERCIAL

1939: from an index

This rise, moreover,

uniform.

One

important services

our most

institutions and

U. S.

ductivity

has not been

1939 to 1944 pro¬

From
per

declined;

worker

during the next four years it rose;
and during the last two years sur¬

individuals

Newhard, Cook & Co.

book it again de¬
clined, due to insufficient water
in the storage dams which was
compensated for only partially by

GOVERNMENT,

utilization

the

STATE AND

the

veyed

Over the years

•

the

proportionate

amount

M KK(

INSURANCE

AM I UK

Mexican electric light and

•

measure

New York

LOUIS

MISSOURI

for

duction
*000

MILLION

from

most

the

999999999999

•

of the
output

great

nnlv

re¬

energy

hydroelectric plants.

3.021

per

kw.

hours

Bell

L. D. St. Louis 340
1st

Nat'l

Alton,

Bank

Bldg.

7907

Forsyth

Clayton,

Illinois

OLIVE

LOUIS

Teletype St. L. 151

Blvd.

Commercial

Belleville,

Missouri

From

unit in 1937
of this type dropped

4,898 kw. hours

production
9

SAINT

drought, have
major role. Drought ac¬

counts

Chicago Telephone to Bond Department Dial 211 RequeU Enterprise 8470

FOURTH AND

especially

factors,

Correspondent 14 Wall Street

OVER

Stock

Exchange

is more difficult to
accurately but it is ob¬

played

RESOURCES

Municipal Bonds

power

vious, Sr. Lara states, that during
the period examined it has de¬
clined.
In
this decline
natural

9
SAINT

Exchange
Midwest

industry

TRUST'
'

Exchange
American Stock

Unlisted Securities

the

productivity

Capital's

■

New York Stock

Listed and

capital employed.
•l

and

Distributors

labor productivity

industry has been generally

in the

MUNICIPAL BONDS

Members

Underwriters

units.

thermal

1951.

New

York

Correspondent—Clark,

Dodge &

Co.

Bldg.

Illinois

THE COMMERCIAL and FINANCIAL CHRONICLE

John

Les

Edward

Pollick, Swift, Henke & Co., Chicago; Thomas E. King, Dempsey-Tegeler & Co., Chicago;
Thorsen, Glore, Forgan & Co., Chicago; Jack Kipp, A. G. Becker & Co., Incorporated, Chicago

Continued

from

page

Secrelaria

fixes

electricity
with

the

rates
nature

and

the
and

accordance

quantity

study,

1199342703586

9.35%.

rapid

between

vary

Adams,

the

1943

rise

country

rates

doubled

and

1950, a more
experienced by

than

wholesale

8.37%

Average

throughout
between

commodities.

The

tric power rates at the beginning
of the period mentioned were, so

speak, behind the market.
Coincident

with

bringing added
companies, costs
The

rate

•

increases

revenue

from
It

the

course

future

events.

always been able to

clear

tors'

very

encouraging

reception

the inves¬

see

problems

enough, however, that
the September news met with a

dispassionately. It
hoped that in their own

interest Mexican citizens will

ognize the wisdom of the Mexi¬

official

can

investments

with

compete

that

"do

not

private capital."

Whether the rate increase

Government's present

ing in this regard.

Ruiz Cortines stated in his

move

think¬

As President

goes

far

it should

investment

attractive

Canadian,

American

depends

Mexican

to make

speech

part

other
on

ber,

the

The

development

power

greatest

Government; but in the

the

opening of

the Mexican Congress in Septem¬

private

and

the occasion of the

importance

Government's

intention,

ex¬

President, to

en¬

increment

last analysis it needs also the full

for

acceptance by the Mexican public

courage

who pay

pate in further expansion in this

went

That

the light and

public

the

power

past

pressed by the

bills.

has

private capital to partici¬

field is very heartening.

not

industry

that

solid fi¬

"it

nancial
low

is not yet on
footing which

would

develop normally
the aid of private capital."

Trading Markets

Electrification

Retail Distribution

been

and

mainly to urban
industrial areas, whereas the
potentialities

areas

have

LD 39 TWX LY 7?

been

the

rural

neglected.

The

future role of the electric energy

industry in the view of Sr. Lara
should

tion of

LYNCHBURG, VIRGINIA

has

confined

large

STRADER, TAYLOR & CO., INC.

al¬

with

Mexico

new

threefold:
areas,

customers

electrifica¬

development of

already-devel¬

oped areas, and encouragement of

existing

customers

electricity than they

use

presently

are

using. To these ends the available
instruments

are

financial

tion and rate structure.

should be

SCOTT, HORNER & MASON

courage

tion

and

developed

and

deserves

the

promo¬

The latter

stimulate

en¬

consump¬

main

em¬

'William

Frankel, Wm. V. Frankel & Co. Incorporated, New York;

Sam Green, Pledger & Company, Inc^ Los Angeles

phasis, the review concludes.

1932

1954
LYNCHBURG, VA.

Generation

of Electricity in
Mexico, 1939-1953

(In millions of kw. hours)

CaltJyncAluhy
virginia
N. CAR.

•

W. VA.

Telephone 8-2821

c/eietilpsi.
Corporate LY 62 & 63

Corporate Stocks and Bonds

Municipal Bonds
Unlisted Securities

Municipal LY 82

Firm

2,462.0
2,529.0
2,524.2
2,625.0
2,738.6

1941—

WASHINGTON

Carl M.
our

3,968.7

4,328.4
4,423.5
4,908.2
5,337.0
5,713.9

& Distributors

Mexico, August 1954.

crease

UNDERWRITERS
in¬

discussed above signifies

major

MEMBERS

PHILADELPHIA-BALTIMORE STOCK EXCHANGE

Conclusion

turn

Mexico's

Southern
Telephone:

DISTRIBUTORS

toward

terprise

can

such

Bell

Teletype:

official

private

determined

en¬

only

DEALERS

Building, Washington 5, D. C.

Sterling 3-3130
Branch Office:

attitude

Correspondent

Johnston, Lemon & Co.

Source: Banco Nacional de
Mexico,
Review of the Economic Situation of

rate

Loeb, Rhoades & Co.,

New York

ESTABLISHED 1920

Underwriters

Mexican

SECUR ITI ES

Direct Private Wire to

3,068.5
3,317.3
3,598.5

the

Markets In

2,750.4

Whether

mounted.

also

therefore observes of the

Utility Stocks

Mexico.

tion, which consequently has un¬
dergone little change.
Sr. Lara

Securities

rec¬

Washington, the headquarters for

capital

higher wages and other operating
costs, rather than to improvement
of the companies' financial posi¬

Municipal Bonds and Corporate

Local Industrial &

revenue

A. Evans & Co., Inc., Atlanta; Loomis C. Leedy, Jr., Leedy,
Orlando, Fla.; Robert Buse, The W. C. Thornburgh Co., Cincinnati

Clement

re¬

view does not state whether elec¬

Wheeler & Alleman, Inc.,

the

It notes that the

Economia

</,»•

consumption and the profits of
companies. Residential users
pay
the highest rates.
The in¬
dustry's profit rates, according to

Mexico's Changing Attitude
the rate structure.

Thursday, October 14, 1954

Alexandria, Va.

Mrs.

Ralph

Miami.

Murphy, New York (foreground); Ralph Curlette, Ludman
& Mrs. Harold B. Smith, Pershing & Co., New York

Hal

Mrs.

Curlette;

North

from page 12

Mitchell

abundant

use

materials—

raw

natural gas,

atmospheric nitrogen,
coal and petroleum fractions — to

provide superior animal feeds

Looking Ahead in the

well give us the
basket
for
the

fixation plant.
In ad¬
to fertilizer, we're produc¬

dition

ter,
about
government storage
charges running half a million
dollars a day, it's sometimes hard

world's

And let's not overlook

portance

nitrogen

surplus wheat and but¬

key to

ing urea, a white powder widely
used
in plastics.
Now urea is

properties.

care

for

bread¬
hungry

hold their shape.

preservation and packaging. The
ice box and spring house of 1914
have yielded to some 40 million

there

significant

developments.

spring in Omaha we

are

made possible

by trapping nitrogen out of
air and combining it with

The animals like it and so

do the

customers, because it

down

the

sense,

some

then,

price

of
are

brings

meat.

in the age of

This synthetic foodstuffs already. Ex¬

opened

natural

know,

you

Continued

fiber

on page

PUBLIC UTILITY—MUNICIPAL—INDUSTRIAL

SECURITIES

gleaming refrigerators and frozen
food cabinets.
Their operation is

feed.

it, and some of it will remain
But

They wear well.

INSURANCE STOCKS

food

the

know them

untillable.

They**

by about

quarter's

hydrogen taken from

in upper New
York State. There is only so much
we

clean.

the im¬

chemicals

of
fluorine
refrigerant
natural gas. worth
chemicals in
each cooling unit.
eat—in just plain calories.
And Recently agricultural experts have
shown that cattle produce finer Plastics and chemical coatings, in¬
proteins essential to the diet are
steaks when up to a third of their cidentally, contribute to the at¬
scarce almost everywhere.
ration consists of this tractiveness and serviceability of
The world's arable land cannot protein
white powder, mixed in with their these and other major appliances.
quickly be transformed into farms
as

nomic advantages,

they are easy

and

And there are some broader eco-

blended

Alone or

with natural fibers,

Butler,

Mrs. J. W.

may

made

excited about scarcity, but
the fact is that three-quarters of
the world doesn't have enough to

to get

Bruck, Stein Bros. <ft Boyce, Baltimore; Mr.
Baker, Watts & Co., Baltimore

millions.

Chemical Industzy
lines about

Corp.,

Mr.

Fla.;

can

Continued

THE COMMERCIAL and FINANCIAL CHRONICLE

Convention Number

research

tension

a new

how

have

materials

Chemical

also

AMERICAN

result, the lady who now says

she has been "slaving over a

hot

meals

family

her

for

EXCHANGE

(ASSOC.)
EXCHANGE

NEW YORK
Direct Private Wires to

Revel Miller &
Beil

Walter C. Gorey Co., San Francisco

Co., Los Angeles

Louis C. McClure & Co., Tampa

Hough, St. Petersburg
French &

day" is somewhat sus¬
pect.
With packaged foods, the
housewife today can prepare all
the

STOCK

EXCHANGE

BALTIMORE

all

stove

YORK

NEW

STOCK

PHILADELPHIA-BALTIMORE STOCK

revolutionized food packaging. As
one

!•••

MTASUSHCO

MEMBERS

Crawford, Inc., Atlanta

couple of hours. What's more, the
seasons and the locality no longer

Mead, Miller & Co.

restrict her menus.

Alex. Brown & Sons
Established

Members

New York
Members

Chemicals

Stock Exchanges

and Philadelphia-Baltimore

American Stock Exchange

(Associate)

BALTIMORE

Washington

York

Health

—Members—

Winston-Salem

have

been

Baltimore Bank Stocks and Local

Securities

Stock

Stock Exchange

Exchange

(Associate)

Philadelphia-Baltimore Stock Exchange

saved

diseases conquered by
products
of
chemical research.
Our chances for recovery from

Active Markets in Local Issues

pneumonia
are
25-to-l
today,
compared to 3-to-l a generation
In

last

the

rate

death

from

years,

92%; from diphtheria
73%.
Thanks to
sulfa drugs and antibiotics, the
common bacterial infections of the
blood have lost their status as
and

Direct Private

the

CARL

Wire to New York

LOEB,

Correspondent

RHOADES & CO.

scarlet fever

has declined

Municipal and General Market Bonds

American

many

ago..

BROKERS AND DEALERS

lives

Countless

York

New

impressive gains have
been made by medicinal chemicals
along the entire health frontier.
Equally

1800

and

New

and

Charles & Chase Sts.,

Baltimore 1, Md.

measles,

enemies.

public

lethal

Telephones: Baltimore

—

New York

LExington 9-0210
Bell Teletype

—

WHitehall 3-4000

BA 270

Yet, ac¬

cording to the American Medical
Association, only 17 cents of the
medical dollar was spent on drugs
1950

the

BAKER, WATTS & CO.
ESTABLISHED

compared to 21 cents in

Chemicals and Clothing
In the field

1900

of clothing, chemi¬

possible the pro¬
better con¬
sumer products at lower costs. It
is estimated,
for example, that
cals have made

Members New
Members

Philadelphia-Baltimore Stock Exchange

Associate

Members

American

Listed
Active

Authority

Municipal Bonds

and

Unlisted

and

Trading

Stock Exchange

Government Bonds

State, County and
Public

duction of more and

Stock Exchange

York

Markets

Revenue

and

Stocks

Local

CALVERT & REDWOOD

Bonds

Securities

STREETS

BALTIMORE 3, MD.

WE INVITE YOUR INQUIRIES

period from 1935 to 1939.

currently
reducing cotton production costs
by 10 cents per pound. Greater
durability, flexibility or rigidity
as
well as resistance to staining

BALTIMORE

SECU

chemcial weedkillers are

and

weathering can now be pro¬

apparel and
accessories and for such things
as
draperies, curtains, upholstfering materials, mattressess and pil¬
lows. New, inexpensive, attractive
and
faster
dyes
have brought
for

vided

Stein Bros.sBoyce
A Baltimore Institution since 1853

wearing

added color to our lives.

6 South Calvert Street, Baltimore

Representative:

Clarksburg, W. Va.

New York—CAnal 6-7162
Bell

Baltimore—MUlberry 5-2600

System Teletype—BA 395

are

man-made
grown

probably aware that
textile fibers have

from

nothing in 1914 to

account for 20%

day.

These

of all fibers to¬

chemical fibers give

the consumer a

much wider range

2, Maryland
Teletype: BA 393

Telephone: SAratoga 7-8400
OTHER

LOUISVILLE,

OFFICES

Wabash 5331
CUMBERLAND,

You

Telephones:

RYLAND

NEW YORK, N. Y
MD.

Cumberland 1540

MEMBERS OF NEW YORK STOCK
and other

EXCHANGE

leading exchanges.

REctor 2-3327

THE COMMERCIAL and

Mr.

Continued

from

Mrs.

page

riyiun

ciau

leather

duction of

legs

apron.

product

Chemicals

Looking Ahead in the

When you

Chemical Industry
prices

tend

Synthetics

fluctuate

—

livestock

stable.

control

conditions

It's

chemical

the

crop

silk

lot

are

rayons,

easier
in

factory than
to
choice mul¬
even

sible,

the

nylons

that

find

you

in, have made pos¬

are

had something to do with,

almost

everything

ing

multitude

modern home

today

had

it's

at oriental

price of silk have

pair of silk stockings. Now
hard to find a pair of non-

structural

the

and

materials

uses

metal,

ceramics and
thinks

Securities

year

And

the

wood,

infinite

synthetic

glass,

When

one

range

be built into

can

materials

and

the

with which they

cated, it is hard to set any limit
their future

The

possibilities.

much

very

Wagner, Reid and Ebinger, Inc.
Members

Midwest

Stock

Exchange

billion

STREET

with

415 W. JEFFERSON

TELETYPE
LS

table-tennis.
dollar

lively

Today

TELEPHONE

292

WABASH

4191

the

form

Thirty-four

film

chemical

the

exceeded

supply two billion pounds of
materials
ucts

may

bottles,

squeeze

sections,

raw

The end prod¬
shower curtains or

year.

90-foot

light

that

pipe

two

men

can

M BANKERS BOND

carry them, or tiny self-lubri¬
cating gears
that
outwear
the
toughest metals.
new

car

embodies 256 dif¬

ferent chemical products in addi¬
tion to compounds that improve

Midwest Stock

the

Exchange

gasoline,

fluids
1st

FLOOR KENTUCKY HOME

LIFE

BLDG.

fuel

Bell

Teletype LS 186

hydraulic

the

far

imaginative
earlier day.

fears

were

capacity

would

On the

tress.

more.

productive
mar¬

clamored

all and

and

1 9 4 6

Between

chemical

dis¬

some

cause

industry in¬

$4 and $5 billion

equipment.
Since
1951, to assure adequate
supplies for defense eventualities,
plants

new

and

NPA

anti-freeze.

and

available

With

1914,

lems of
in

DPA

and

certified

have

supply,"

large

likely fulfill

can

another human

measure

requirement, and that is
human

a sense

confidence that basic

security—a

needs

will

the

met

long-term future. There is

great

bounty locked in this good earth
of ours,

its

in its depths, in its

atmosphere.

bounty
in

The

seas,

key

ingenuity,

man's

chemical

other

and

research laboratories, and operat¬

ing also in

a climate of freedom
reasonable incentives.

with

We have touched upon

land

feed
the

what the

might produce—given
chemicals

cultural

and

supplements.

But

agri¬

livestock

consider

sea.

tremendous

contrary, the
it

absorbed

for

the

that

increase

the

mission, faces "no long term prob¬

ex¬

years

according

estimated

that

the

oceans

of the world contain about 50 mil¬

lion billion tons of dissolved
terials.
of

Although

at least

element

every

are

ma¬

traces

probably

represented, 99% of the sea water
salts is composed of such impor¬
chemicals

tant

elements

chlorine, bromine, sodium, cal¬
cium, potassium, magnesium, car¬
bon and sulphur.
The chemical industry is finding

build-up of $6.5 billion more by
1955, representing an increase of
331/3 % in 1950 over-all capacity.

ways

commercial projects in North Car¬
olina, Michigan and Texas for re¬
covering elemental bromine and
magnesium from sea water and

these

chemicals

basic

mobilization

goals

are

be¬

ing reached.

Happily the world
required these
additional chemicals for military
purposes—and the added capacity
is going for constructive civilian
situation

has

not

within the industry there are large

brine, for such uses as photo¬
graphic
film
coatings, gasoline
anti-knock mixture, aircraft parts
and

addition

human

shelter,

serving

basic

needs — food,
clothing,
health—the chemical in¬

to draw upon this practically
storehouse.
Today

inexhaustible

pyrotechnics.

A number of
iodine

valuable chemicas, such as
and

notash,

essed

now being nrocseaweeds,
and
no

are

from

brake
the

iL'IIIIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIItllllllllllllli:

Stearns

go up steep grades
Today chemical r^v
search makes it possible for two)

Long Distance 238

certainly

can

When World War II ended there

Knights had to

LOUISVILLE 2, KENTUCKY

what

uses.

Your

INCORPORATED

Member

and

most

between

companies

stated, however, that

the

sheeting.

new

Colo.

President's Materials Policy Com¬

operating

predict

perience of the last 15

vested

reinforced, in
and

the future growth of the chemical

Korea

items—molded, extruded, fabri¬

cated. laminated

industry will be.

than

promise

car¬

which

dustry,

this

industry

plastics

4,000 plants and
60,000 workers turns out hundreds

LOUISVILLE 2, KY.
BELL

the

busi¬

Looking Ahead

ket

fashion in cuffs, and also
item

the

your

opportunities

hesitates

One

wartime

only plastic around in 1914
celluloid,

was

may

payrolls.

new

be fabri¬

can

or some cor¬

save

the

employment

forecasts of
ease

Active Markets in All Issues

pain-

product also

new

with

ries

extend

a new

that

each

plastics,

rubber.

properties which
such

—

plastomers

a new

thousands of dollars annually.

ness

possibly the most interesting and

inhibitor

rosion
next

resins

Kentucky

relieving compound,

Pass¬

ing, but perhaps also

illustrations,

you see.

average of one new

day—perhaps just

ingredient to improve hair dress¬

thriving industry.
In her significant are the strides which
day, perhaps only Queen Elizabeth synthetics are making in the area
built

worm

berry leaves, and

acetates and

fraction

chemicals

silk comes high and has
luxury uses. The sturdier

wages,
limited

—

materials

air-conditioned
feed

widely.

independent of

and

enter

building

Shelter

and

Thursday, October 14, 1954

Mrs. Elmer G. Longwell, Boettcher and Company, Denver,

Mr. &

Ralph Curlette, Ludman Corp., North Miami, Fla.

FINANCIAL CHRONICLE

LOUISVILLE

LEXINGTON

Holman R. Wilson

William B. Holton

reverse.

Walter Trinkle

gallons to do the work of three—
and

John B. Farra

Esther Kachler

Research

Thomas B.

Kessinger

Hoyt G. Hill

increase in price.

Robert A.

Babbage

Birth control would fight a los¬

ing battle in the chemical indus¬

Kentucky Municipal Bonds

try,

the

for when

ceives
bears

industry

only child. One desired
generally results in get¬
ting one or more by-products—
and so the industry grows
by geo¬

Local Securities

DEPARTMENT

new

styrene

purposes
THOMAS

GRAHAM,

HECTOR W.
WILLARD
E.

JAMES

Manager

BOHNERT

McNAIR

LEWIS

FETTER

WOOD

CHARLES C.
POWHATAN M.
ROBERT

the

HANNAH
KING
CONWAY

JOHNSTON,

ROBERT E. PURYEAR

Jr.

resin

water-softening

Last year, of the $2 bil¬

lion snent by

industry on research,
chemical companies picked up the
check for $300 million. The labors
of

some

35,000

Kentucky Municipal Bonds

for

molding
may find himself also in

lacquer,

Corporate Securities and

The chem¬

business. The sparkolug here and
throughout industry has been in¬
creasing amounts spent for re¬
search.

SECURITIES

Retail Distributors and Underwriters of

product

metrical progression.
ical manufacturer in
INVESTMENT

KENTUCKY

con¬

improvement it seldom

research

THE

KENTUCKY

COMPANY

Member Midwest Stock Exchange
Louisville

Ti-ust Building
LOUISVILLE 2, KY.

Exchange Building

WAbash

Phone 2-1858

Bell

6818

LEXINGTON, KY.

Teletype LS 579
Direct Wire

—

Scherck, Richter Company, St. Louis, Missouri

workers

resulted in the commercial intro¬

niiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiriiiiiiiiiiiiMiiiiiiiiiiiiiiiiiiiifiir?

Mr.

Joseph

Mrs.

Guiton,

Cragmyle,

Pinney

Co., New

stretch

the

quired

predict

imagination is

the

vast

that
of

resources

and plastics were being
produced in greater volume than
the total of all non-ferrous metals.

the

research

increasingly to
the satisfaction of man's needs for

Conservation

And while

also

each

the

By 1949

natural materials.

alum¬

produced

chemically

than

1953

were

inum, magnesium and plastics had
grown
over

uses

many

sprayed today.

chemical industry
develops hitherto unused natural
the

Titanium

resources.

ma-

scarcer

attack.

Third,

rapidly that they took

Bagley,

Hogle

Salt

Co.,

City,

Lake

Utah

—

plain example,
I leave you to estimate how many
more yards of wool might be nere
tomorrow if every clothes closet

chemical synethic saves

Edward

uses,"

sect

First,

Mrs.

examination
to see
In 1937, Funk & and our airforce. Nylon, in addi¬ c o n st a n t
whether
it
can't be
chemically
Wagnall's dictionary defined this tion to its well-known uses in
And, if need be —
element as follows:
parachutes and bullet-proof vests, improved.
"Titanium
a
widely distrib¬ finds employment in 200 Quarter¬ practically overnight—the entire
Corps
items.
There's peace-time productive facilities of
uted, dark-grey metallic element master
found in small quantities in many hardly
an
article necessary to
Continued on page 90
minerals.
It
has
no
important modern warfare that isn't under

by reducing waste of these prod¬
ucts due to disease, erosion or in¬

of men,

old.

materials, such

lent illustration.

wood, leather, metal, cotton and
wool.
This is also accomplished

Resources

service

the

conserves

new

scarce

the

chemistry bends new

resources

ural

chemical

conservation by

the useful life of nat¬
as food crops,

extending

materials.

food and

aid

manufacture

contribute

products

Second,

oceans

our

Mr.

York

terials,

re¬

with

chemical

further

aid

should

FINANCIAL CHRONICLE

THE COMMERCIAL and

Convention Number

excel-

The

has spent
million annually

industry
$10

1948 in research

produced

since

this metal.

of it were
production

2,200 tons
with 1954

over.

DEALERS

DISTRIBUTORS

UNDERWRITERS

expected to reach 5,000 tons. Just
recently an important producer
announced
plans for additional
annual

of 7,500 tons,
the present actual and
planned production to 22,500 tons,
with more to come.
Today this
element—with "no important uses"
in 1937
is widely employed in
aircraft structural parts and
production

raising

Johnson, Lane, Space and Co.
INCORPORATED

Georgia and South Carolina

—

Municipal Bonds

plants, in marine equip¬
in alloys and many other

power

ment,
items.

these

And

Distributors And Underwriters

only representa¬

are

CORPORATE BONDS & STOCKS

tive examples—three out of thou¬
how

sands—of

& LOCAL SECURITIES

in¬

chemical

conservation of nat¬
resources.
Through its ex¬
aids

dustry

the

ural

tensive

research

the in¬

program

AUGUSTA

SAVANNAH

ATLANTA

is insuring that new re¬
sources
will
be
forthcoming to
meet the needs of our people and
dustry

Investment Securities Since

iSty/f.

our

for

economy

long time to

BELL
AT

TELETYPES
SV

182

come.

Chemicals and Defense

that

is still another thing

there

But

human

security

Without it—as
this

The Robinson

Humphrey Company, Inc.

RHODES-HAVERTY BUILDING

ATLANTA

generation

nothing else is

short, while we've moved out

of caves,

at least temporarily, we
unfortunately still have the cave¬

1, GEORGIA

man's need for
tect
LONG

WALNUT 0316

—

at all.

secure

demands.

have learned in

DISTANCE 421

Otherwise there may

dependence.
not

big club to pro¬
our in¬

possessions and

our

even

left

cave

move

back into.

Many people are aware of some
of the more direct ways
the
chemical industry has
Julian
J.

Eugene P. Willis

Hollis Austin

James D. Chesnut

James B. Dean

Tindall

national

Eugene E. McNeel, Jr.

manufacture
so

MARKETS
PRIMARY

the

explosives.

Not

know of the less direct

many

but nonetheless essential contribu¬
tions.

Georgia Municipal Bonds

carried

■

dered

sea

the

beaches

into

Berlin.

onto

Normandy

overnight,

almost

born

synthetic

All Southern & Local Issues

can answer

that.

in South Carolina
our

and

which

detergent

just

busy little town

few miles from

one

Throughout the Southeast,
and net-work of

salesmen
towns

That

and small.

Retail distribution
when you

means

our

retail

cover

we're good folks to

1146-.130

CITIZENS AND

SOUTHERN BUILDING

This coverage

also enables

us to

maintain trading

southern and national issues.

place

large quantities of fresh water

of time they could

remain

missions, but also made available
Telephone

Teletype

Atlanta

AT " 98

JOSEPH

Albuquerque
El

Paso

McMANUS

Orleans

Salt

Lake

City

Houston

New York

(Contact

Walnut Q720

Dallas
Pittsburgh

any

Portland

Seattle

San Francisco
through

Denver
Los Angeles

Kansas City

Toronto

additional

Detroit
Midland
St. Louis

Tucson

Navy
Rocket

the

and

This

other

climbing toward

lion

kick

fuels,

$100 mil¬

business, are putting
our

guided

Investment Bankers

Members New York Stock Exchange
and Other National

in¬
our

Pacific.

special

now

the

greatly

Southwest

them)
year

neces¬

effectiveness

the

creased

for other

space

purposes.

sary

PRIVATE WIRE SYSTEM TO

Phoenix

San Antonio

CO.

Cleveland

Chicago

Harrisburg

New

3,Georgia

Established 1925

their

missiles

Atlanta

call

have large blocks of stock to sell or buy.

markets in many

sels, not only increased the length

big

distribution.

formerly carried on our war ves¬

J.W/ftiVDALL, & Company

19 offices, 100

private wires

ren¬

usable

water

Prosperity is

—

S. C. offices.

Synthetic rubber, from an

industry

Water & Sewer Revenue Certificates

contributed

such

defense,

Where is Prosperity?

Exchanges
New York

LD-159

BO-9-9227

AT-188

NY-1-2370

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday, October 14, 1954

Jr.

■

V*"*" '

Mr.

Mrs. Edward

H. Ladd,

Turk

Gardner, Waddell & Reed, Inc., New York; Ken Stanford, F. S. Smithers & Co., New York;
John Graham, G. H. Walker &
Co., Hartford, Conn.; Corb Liston, Prescott & Co., Cleveland;
Ted Plumridge, Eastern Securities,
Inc., New York

First Boston Corporation, New York; Mr. & Mrs. Harold C. Patterson,
Clifford K. Channell, First Boston Corporation,
Harold Scattergood, Boenning & Co., Philadelphia

Securities & Exchange Commission, Washington, D. C.;
New

York;

Continued

ment of atomic energy

from page 89

Both

purposes.

interested
this

Looking Ahead in the
verted

be con-

Ahead

Looking

Further

phenomenal

In New York

that

within

power

peace¬

uses.

State, the thriving
industry on the

electrochemical

Niagara Frontier bears witness to
the

years

40% of all textiles will be synthetically produced. By 1975,
plastics are slated for tremendous

national defense.

estimated

for military
now
greatly
application of

are

the

time industrial

Chemical Industry
the chemical industry can

ties

between

the

elec-

trical
and
chemical
industries,
More and more,: as we develop
cheaper
methods
of
obtaining
power,
our
two industries wilJ

little further increases—on the order of 800%. translate these gains into benefits
the research possibilities of the
In fact, a 400% over-all in- that serve our industrial cuschemical industry could be said crease of chemical
products by tomers and ultimately the conLooking

ahead

scientists

to be inexhaustible. The

tell

that

number

the

chemicals which

new

produced

can

It is estimated

is almost infinite.

that the research laboratories de-

velop

10>000

about

every

y®ar*

1975 does not appear unreason- sumer.
.
able.
After careful study,
the
Now I am sure that no one in
President's Materials Policy Com- the chemical industry would want
mission came up with this esti- it to appear that all you have to
mate based on all the facts availenjoy a snug future is get
able

and

c^mme,™ia7use othersTpen'aup entireIy
There is
of unfinished

of industry.

avenues

new

everywhere

lot

business.

this

does

not

include

em^rge from the screening procurrently

grams

carried

dozens of laboratories.

New
coal

expected to yield further

materials

raw

lem

common

estimated

for

chemical

cost us

$10 billion

steadily

down.

ings

with others.

less than

Chemical re¬
beating this

year.

some

all

Many lie in the

areas

communication, and in public

or human relations. Our trade organization,

the

Manufacturing

Association,

has

been

giving,

folks the truth about the chemical

COmmon

future and that

up-

still unsolved probto all industry, is

which

some

suggest that the chemical industry

valuable help in telling

these developments have

grading.
Corrosion,

own,

electrical industry. Here, I might Chemists'

techniques for processing

are

lot of problems,

0ur

buildine blocks for

basic

chemical synthesis

jn^o the chemical business. We've

"ew ™aterials that may got

la^y'Tunex^rireasure f.Youhave already heard about
the dieting developments in the

rhest

significance for each of
Both
u^e(j

industries

a special facts

have

life.

published

contrib-

Industry

written

that you don't have to

importantly in the develop- have

science

Facts

degree

Book

under-

New

alloys, superior coat¬
revolutionary ways of

and

arresting

oxidation

sure

are

LUDMAN

appear.

It is also safe to say

that in the
chemistry will continue to
play
an
increasingly important
role in jet propulsion.
Take, for
example, the simplest jet engine

world's

largest

future

—

the

own

rocket

—

oxidizer

carries

which

and

does

manufacturer of awning
windows and jalousies

its

take

not

in air. The industry has already
developed a number of energetic
oxidizers, the two most widely
used being oxygen and concen¬

Underwriters and Distributors

trated

nitric

acid.

Rockets

are

State, General Market, and Public Revenue

being developed to employ
liquid fluorine, and some adven¬
turous minds are thinking of
liquid oxone.
Our industry is

MUNICIPAL BONDS

craft designers to bring to reality
bold dreams in the realm of flight.

now

working

steadily

air¬

alongside

products:-

*Makers of world famous

Patenfed Aulo-Lok

Coming back to earth—on the

vides hope

magnitude

Direct Wire to New York and Chicago

front

J. Van

the

success.

attack

commercial, residential
Patented Auto-Lok

The

Screens and Storm Sash

this

diseases,

Jalousie Doors

cardio-vascular

Jalousie Screens

conditions and other so-called de¬

Ingen 8c Co.,

Pont Bldg.
chicago

Miami

32,

Fla.

generative

complaints

—

$60 million

and Storm Sash

Bar-Lok Storm Shutters

indi¬

Fabricators, Erectors,

than

Warehousing and Sale
a

year

are

currently

of Structural Steel

being devoted to medicinal chemi¬

LUDMAN

cal research.
telephone 3-3311

industrial,

Windo-Tite Jalousies

cated by the fact that
new york

Window Hardware

against cancer, virus

—

caused

wood

Past performance pro¬

for future

Awning

Windows, aluminum

health front, there are still many
diseases which may be chemically
controlled.

fibers

and

are

better

man-made

the way; it

has been

Sales Offices:-

New York

CtytodfiAo

Box 4541 Dept. CFC-9, Miami, Florida

Distributed throughout the world

• Washington, D.C.* St. Louis

•

Chemical

us.

San Francisco

•

Boston

•

Chicago

•

Atlanta

•

Houston

•

Miami

;

Convention

Number

Mr.

THE COMMERCIAL and FINANCIAL CHRONICLE

Frank

Mrs.

Waits,

Shear son,

Hammill

New

Co.,

Charles

York

Kaiser, Grady, Berwald & Co., N. Y.; Mr. & Mrs. Herbert Gesell, Kugel, Stone <fi Co., N. Y.

J
stand it. And

economy—"plow under the

in the

pigs" philosophy—that was pro¬
mulgated a few years ago. And we
do not agree with the prediction

one week last spring
common
industry problems with technical careers. And we must
biggest industry-wide pub¬ which Associated Industries has see to it that more and better
lic relations project to date, some been
so
helpful in New York teachers, teaching aids and facili¬
ties are available for their train¬
1,200 people from the chemical State.
indutry got up on platforms in
You will have noted that most ing. In this the help of all indus¬
their plant communities and ex¬
of our industry's hope for
the try is greatly needed.
Also, the chemical industry like
plained what benefits the public future is based upon chemical re¬

little

1984 we will be living on
rations physically and

that by

starvation

century, a new age is in store for
us.
Chemistry will be part and
parcel of that age, helping man
to utilize

directly the tremendous
sunlight

power

which

now

comes
to us only indirectly and
spiritually. The tremendous pro¬
other
industries
has
the ever- gress we have made in 40 years slowly, through such agents as
derives from our operations, what search. But to attain that hope
present
problem
of
guarding leads us to believe that we can plant life.
concern
we
take
with
air
and it is essential that we counteract
against unwise governmental ac¬ effectively and efficiently use in¬
In whatever direction progress
water pollution abatement,
how the increasing shortage of com¬ tion that would lessen the incen¬ telligent men in research and
moves, there are going to be new
tive
of
economic
reward
and management, together with money
we are constantly improving our
petent chemists and chemical en¬
coming from the
discourage investment in future to produce increasingly better liv¬ developments
safety record, and what we are gineers
by
encouraging
more
chemical
ing for a rapidly growing popula¬ nation's
industry
of
research.
tion. But we have to have friendly
doing about a number of other young men and women to pursue
We have recently found our¬
direct interest to the many indus¬
understanding in order to make
selves faced with restrictive legis¬
tries represented here today.
lation threatening the use of new the greatest progress.
We believe we have reason to
chemicals to improve the produc¬
We have to have a political and
tion and processing of food. And economic environment where the say confidently that, for chem¬

Specialists in

because

all

intentioned

louisiana municipals
try'\5r

y,/.:

• •

•,

\,-V

that

and

Dealers in

safety"

solute

Municipal and Corporation Securities

every

under

condition is as unnecessary

life

with

incompatible

Barrow, Leary & Co.
SHREVEPORT
Telephone 2-8351

—

80,

Bell Teletype SH 82 & 83

sion

will

killed,
Abner

Northrop

Everett F. Dane

John Dane, Jr.

the

and the

finding
deci¬

agents, initiative will be

justify
Dane

from

not

able

investment,

required

public will lose—all un¬

necessarily—the contributions to

Louisiana and

better

Mississippi Municipals

living

our

industry could
chemical in¬

We know that the

dustry, like Associated

New Orleans Bank Stocks

which

to have been a
does

the

which

industries

Industries,

company

is proud

long time member,

not subscribe

to the mature

industry,

way

With

tory of

merit

such

approval.

shown

sometimes

162

workbench

Louisiana

long

take

become a

Municipal Bonds

and commonplace item
million

American

cus¬
Active

scientists

our

in believing

the end

Trading Markets

right

that solar energy will

harnessed

^Mississippi

fantastic expense—

tomers.

Should

all issues of

performed on a micro

—

not

Immediate Firm Bids

"black

that

scale at the laboratory

does

the his¬

conditions,

chemical development has

convincingly

magic"

but

conduct ourselves in all

public respect and

for

life,

business activities as to

our

we
pro¬

protect

welfare and

your

American

also to

only

not

products which will contrib¬

necessary

make.

Southern Corporate Issues

our

continue

ute

decision by gov¬

lack

ernment

research will

our

unreasonable

products

that

prevented

not

markets

Harold

and processes

LOUISIANA

L. D. 64 & 65

knowing

ment

have the encourage¬

that

must

conditions,

these

have

know

duce

and its betterment.
Unless

and

istry

chemistry serves, life begins at 40.

"ab¬

each

and

health

human

prospect of reasonable gain makes
readily
available on attractive
terms
the
fresh
financing re¬

tolerances quired to meet the chemical in¬
complete protection dustry's needs for high capital in¬
vestment per worker.

provide

can

well-

reasonable

that

stand

perhaps

some

people do not under¬

of the

LOUISIANA BANK STOCKS
and

JOHN
Member

New

DANE

Orleans

Stock

NEW ORLEANS
Teletype

—

LOCAL CORPORATE ISSUES

Exchange

HOWARD, WEIL, LABOUISSE, FRIEDRICHS

12, LA.
Telephone

465

—

Canal

HIBERNIA NATIONAL BANK

AND COMPANY

9321

LA. POWER & LT. PFD.

Members
LA. BANK & TR. CO.

Wm.

Morris W. Newman

John

Perry Brown

TRADING
Kerrigan

FOR

New Orleans Stock Exchange

Stock Exchange

Midwest

MID-WINTER SPT. ASSN. DEBS.
MISS. POWER $4.60 PFD.

MARKETS AND RETAIL OUTLETS

DEEP

SOUTH

MISS. PWR. & LT. PFD.

SECURITIES INCLUDING

NATIONAL AMERICAN BANK

Canal Assets, Inc.

Dealers in

LOUISIANA, MISSISSIPPI,
ALABAMA, GEORGIA and
OTHER SOUTHERN MUNICIPALS

Mississippi Shipping Co.

Canal Trust

Motion Picture Advt. Serv.

Central Louisiana Electric

Higgins Inc.
McDermott

N. 0. PUB. SVC. INC.

N. 0. Public Service

South Shore Oil &

NATIONAL BANK OF COMMERCE

Develop.
Southdown Sugars Inc..

J. Ray

PROGRESSIVE BANK & TR. CO.
WHITNEY NATIONAL BANK

New Orleans Bank Stocks

Louisiana and

newman, brown & co.
INC.

321 Hibernia Bank

NEW ORLEANS 12, LA.
Long Distance 345 & 389

Teletypes NO 189 & NO 190

Scharff L Jones
219 CARONDELET STREET,

telephones:

Building

Mississippi Municipals

Tulane2711
LD 456

222 Carondelet St.
aIB-»ai

NEW ORLEANS
Private Wire to White,

TS™:
NO 364

Weld & Co., New York

NO 365

NEW ORLEANS 12, LA.
Telephone

Teletype
NO

180

181

Shreveport, La.

Tul&ne

0161

Jackson, Miss.

Thursday, October 14, 1954

THE COMMERCIAL and FINANCIAL CHRONICLE

Mr.

Mrs.

Continued

W. L. Filkins, Troster,

Singer & Co., New York; Mr. &
Troster, Singer & Co., New York

Universal

thanks to

the

competition,

production, and of

stored.

No country that wants to

live by international trade can

wages.

re¬

af-

SPECIALIZING

■

Firm

Bids

■

AUK

Firm

Distributors

Offerings

MISS.

Quotations

Dealers

States

Government

Securities

headaches, like Norway and
But even Denmark, with
monetary
reserves
nearing

General

Market Municipals

the

MEMPHIS 1,
•

LD-311

WIRE

LD-312

•

SYSTEM

—

THE

TELETYPES ME-283

not

BANK

ME-284

reached
on

in 1921, 1933, 1942, and
1949; and in a selling zone in 1928-

range

the basis of the pre-World War n

1946.

record.

ever

popularity be

recurring

too

obstacle

level of about 460.

fu¬

remote

gold shortage

the

stocks
at

are

the

averaging well

over

(4) From the standpoint of rel¬

highs for

any

year.

average

yield basis of 3.0%-3.5%.

of global (Allowance must be made for a
currency redeemability. Only two
gradual uptrend in the yield fig¬
years ago, that was the chief rea¬
ures which is undoubtedly due in
son
or
excuse
alleged for the
of

way

huge

after
reach

Industrials

Dow-Jones

public

sometime

until

upward

the

market,

American

support

large
of

measure to

taxes.)

the higher level

On the basis of this

proach, stocks

were

ap¬

buying

tics

both

participation

in the

judged by statis¬

the volume

of trad¬

ing and the comparative action of
the better-grade and lower-priced

issues,

can

also conclude that

the line of least resistance in the
stock

market is

likely than

not to be upward for at least an¬

other six to 12 months.
clusion

is based

This

ord of the increase in the volume

partly because of the great
gains in gold (and doUars) which
have

accrued to central bank

re¬

outside this country in the

two

years,

the

without appreci¬

Municipal Bonds

own gold re¬
fact, global restoration
gold standard even on a

our

base

Underwriters

&*•

bring

several
billion dollars worth of gold out
o f private
hoards.
In addition,
gold production has started to rise
again. What is more, it is a vir¬
may

Distributors

Corporation
Securities

tual

certainty that, thanks to the
discovery of the new extraordi¬
narily rich, low-cost gold fields in
the far west Rand of South Africa

RETAIL OUTLETS

may
as

★

increase perhaps by as much
quarter billion dollars, or by

one-third

Bank Stocks

Insurance and

MEMBER

Orange Free State, the
annual output of the yellow metal

ACTIVE TRADING MARKETS
WITH

STERNE, AGEE & LEACH

and of the

—

without

raising

MIDWEST

STOCK EXCHANGE

BIRMINGHAM

3, ALA.

Teletype BH 97

Long Distance 9983

Branch—Montgomery 2, Alabama

the

dollar price of gold.

Utilities—Industrials

Public

Municipal Bonds
★
Members

Midwest

Stock

Exchange

★

NASHVILLE

WIRE SYSTEMS—Own to Memphis

Office; Scherck,Richter Co., St. Louis,
Mo.; Goldman, Sachs & Co., N. Y.

NEW

DALLAS

HARTFORD

BIRMINGHAM
ORLEANS

MEMPHIS

YORK

ATLANTA

HOUSTON

NEW

GREENSBORO

Securities Corporation

II. Frank Burkholder,

PHILADELPHIA

JACKSON,

MISS.

Vice President and Manager Municipal Department

Herbert Pettey, Assistant Vice President and Manager Municipal
Trading Department

322

TELETYPE

353

TELEPHONE

4-3312

UNION

STREET,

NASHVILLE 3, TENN.

con¬

the past rec¬

bullion

WIRE

they

stock

ably depleting
•

when

opinion, is versely, the overpopularity phase
the
fact that the opponents
of has been approached in the past
convertibility are becoming in¬
when
the
investing public was
creasingly silent; especially, there
is no more talk in any responsible willing to "reach" for stocks on an

serves.

TELEPHONES 8-5193

past,

top trend lines calculated

ment in this observer's

last

TENNESSEE

the

ative

serves

MEMPHIS

in
the

kind, their

serious

Europe's re¬
sumption of dollar payments. If
the "gold shortage" is dead now,

li Mm GtaMM mm

Stock Market Outlook

Con¬

credit

most

the

stored

necessity

Reappraisal of the

convertibility — the international and
unpopularity
cycles
when
gold standard—will have to be re¬
yields on the Dow-Jones type of

•

page

1929, 1936-1937, 1939-1940, and in
Assuming that dividends
will
hold,
on
the
average,
at
its
(3)
Certain
long-term
yield
around current levels, it would
zero, is trying to restore trade by studies indicate that the general
appear
that the underlying or
run of equities can be considered
liberalizing to some extent.
as being near the lower limits of
cyclical trend of stock prices could
Short of an international up¬
dollar

Turkey.

quarters about

B
United

the countries with acute

ture, perhaps in a matter of two
or three years.
A significant ele¬

2mim.hu

and not even by
the leading European
approaching some
convertibility. Excep¬

from

are

heaval

Underwriters

expensive market and

Philadelphia; Mr. & Mrs. Irving LeBeau, May & Gannon, Inc.,
Kelly, Starkweather & Co., New York

step,

ones,
currencies

tions

convertibility will have to be

cheap Japanese goods due to low

short

degree

Come

Yet, in the long run, universal

cheap American goods,
mass

Convertibility

Must

Continued

keep its costs artificially high.

Step

Joseph

Boston;

at the most

Now, But Some Day

by this sort of policies have every
reason to fear the opening up of
threat

Mrs. Bob McCook, Hecker & Co.,

to have its monetary system
permanently bound hand and foot.
No country that must live by ex¬
ports can afford to buy constantly

Univeisal Convertibility—

international

ford

from page 11

Not

Mr.

Mrs. Ernest Lienhard,

TWO WALL STREET,

NEW YORK 5, N. Y.

THE COMMERCIAL and

Convention Number

Lewis

Rowady, Hudson

of trading

ing

12 months' mov¬

basis,

average

White & Co., Detroit;

compared
previ¬
and the
index of

with levels touched in the

three pr four years;

ous

relative

action

low-priced
with

the

stocks as
chips,

blue

compared
following

FINANCIAL CHRONICLE

Boat ride

Marion J. Stanko, Hudson White & Co., Detroit

by those who have
bearish during the past
12 months, or who are looking for
be upward, on balance, at least a major turning point in the mar¬
through the first seven or eight ket cycle at this time. I have a
months
of
1955,
and
possibly strong suspicion that most of those
who believe that stocks are too
throughout all of next year.
as
guides to the future,
probabilities are very strong
that the trend of stock prices will

sidered

being

the

been very

made

to note that every

the

past

least

has

two

been

bull market in in the Dow-Jones Industrial Aver¬
subject to at age with no reaction of as much
reactions

three

counter-movements, ranging from

5%.
For

numoer

of technical

rea¬

roughly 10% to 20%. In the 1942- sons, the danger of an interme¬
1946 rise, for example, there was diate shakeout has been increas¬
a reaction of 11% in the last half
ing rather than diminishing since
of 1943, and another decline of the
Dow-Jones
Industrials
ad¬
11% in February, 1946, before the vanced to around the 335 level In

high have not given sufficient
weight to the changed value of
bull market ran its course. In the July of this year. The ever chang¬
and to the effect that
equities which developed in the
rise from June, 1949 to January,
ing short-term technical position
true in 1927, 1934-1935, 1948-1949, late 20's following the publication this will have, sooner or later, on
prices.
If we accept the 1953, there were a number of of the market is not a subject
and in 1953. In each of the pre¬ of Edgar Lawrence Smith's book stock
technical corrections ranging up¬ which can be
properly covered in
vious instances of prolonged di¬ on
"Common
Stocks
as
Long- premise that wages, and therefore
basic costs, are likely to hold at or wards of 8%, with the maximum any appraisal of the market which
During the
vergencies when the blue chips Term Investments."
cannot be brought up to date at
decline amounting to
near current levels from now on,
14%.
We
were rising, the low-priced stocks
late
20's, many fire insurance
short intervals. It might be noted,
more
than caught up with the companies became interested in it is impossible to escape the con¬ have now had a fairly continuous
clusion
that
the
general
price
blue chips before an important common stocks for the first time,
Continued on page 94
rise of approximately 110 points
level will hold at close to about
and investment trusts were being
cyclical peak was reached.

period when there was a pro¬
nounced divergence between these
two
classes of equities, i as was

(6)

any

(5) There has always been a
pronounced lag between reversals
of Federal monetary policies and

We are seeing a repetition
growth in demand for

the

the dollar,

formed
ize

double

right and left to capital¬
increased interest in

are,

the

levels.

prewar

There

some offsetting
in the case of the

course,

considerations

the past two
eventual ..: relationship
between
the New York
savings
cyclical turning points in the stock years,
commodity prices and stock quo¬
market.
For example, the bull banks, the large and growing pen¬
tations.
These include the need
market which ended in 1929 did sion funds, as well as life insur¬
for
additional financing, on
an
not run its course until more than ance companies, have been added
over-all basis, in order to obtain
to the list of stock buyers. These
a year after the Federal Reserve
sufficient
funds
to
handle
the
Board' had
taken
very
definite groups may well bring about an¬
larger dollar volume of sales, as
steps to tighten credit. The 1937 other period of scarcity of stocks
well as certain international pres¬
bull market high was not record¬ similar to that which developed
sures
which tend to limit profit
ed until almost a year after re- between 1926 and 1929, although
margins.
However, allowing for
serve
requirements
were
in¬ presumably without the excesses
these factors as best we can, and
creased sharply. In the 1945-1946 which were witnessed in that pe¬
taking into account the growth in
when stocks were being
period, the trend of the stock riod,
population, it would still seem
market was upward for about 10 traded on margins ranging as low
that a potential level of around
as
10% to 20%.
•
During

equities.

months after the Federal Reserve
Board's

credit

tightening policies

had

reached

gin

requirements were increased

75%.

the

that

extent

time lags of the past can

be con¬

for

425-475

the

Dow-Jones ^In¬

AND

SOUTHWESTERN CORPORATE ISSUES
Bids

Firm

—

Firm

the
case

foregoing, I believe
for

from

that the

market is much stronger than that

level of say 250-300
dollars. ,

in terms of prewar

continuation of the bull

high

Before
a

FIRST NATIONAL BANK BUILDING

FORT WORTH 2, TEXAS
Telephone—FAnnin 2211

Teletype—FT 8032

Texas Municipal

few strangers

the "Golden Spread,"

vast,

and

then

swings into Eastern New Mexico.

and

Spread" blends natural

agriculture into
We

resources,

profitable and diversified

TRADING MARKETS

Welex Jet Services, Inc.
Longhorn Portland Cement Co.
J. Ray McDermott Co.
Kirby Lumber Co.

You'll find

growth—and

welcome—for

Lone Star Brewing Co.
San Antonio Transit Co.

West Texas Utilities

4.40% Pfd.
4.56% Pfd.
Dallas Power & Light 4*4% Pfd.
Central Louisiana Electric 4*4% Pfd.
Duncan Coffee Co., Class A

HOUSTON BANK STOCKS

economy.

our

& Gompany

Russ

generating capability

INCORPORATED

Members Midwest Stock

your

Alamo

investment, too.

PUBLIC SERVICE

ANTONIO

Direct

COMPANY

5
FORT WORTH

HOUSTON

Exchange

National Building

SAN
SOUTH WE STE

Com. & Pfd.

Central Power & Light Co. 4% Pfd.
Houston Light & Power $4 Pfd.

SPECIALISTS IN SAN ANTONIO AND

provide electric service for almost all the "Golden Spread," and
a welcome here which has increased our peak electric load

158%; and

Houston Natural Gas,

Texas Electric Service

Texas Industries, Inc.

industry, commerce

we've found

466%; our number of customers
422%, within the past 12 years.

and

Corporate Securities

Johnston Oil & Gas

productive territory which starts in Southwestern Kansas, moves down
across
the Oklahoma and Texas Panhandles onto the South Plains of

Dealers

Distributors

—•Sfre't.-i

ACTIVE

"GOLDEN SPREAD"

The "Golden

request

close, I believe it is important

ON THE

Texas

Quotations

bringing this review to

"REDDY" WELCOME

very

—

WILLIAM N. EDWARDS & CO.

Underwriters

are

Offerings

Statistical information gladly furnished on

YOU'LL FIND A

There

Originators

TEXAS MUNICIPALS

dustrials would not necessarily be

As might well be gathered

point where mar¬

the

Dealers and

and

Connecting

Dallas, Houston, Galveston, New

Wires to:

York & Los Angeles

Mrs.

THE COMMERCIAL and FINANCIAL CHRONICLE

Donald

Regan,

New

York;

John

Mrs.

Hudson,

Philadelphia;

Frank

Mrs.

York

New

Ronan,

Mrs.

J Continued from

George

will

page

Muller,

not

volume
above

Reappraisal of the

for

Thursday, October 14, 1954

Philadelphia; Mrs. Fred Shorsher,
Johnson, Greensboro, N. C.

be
of

seen

trading

until

after

averages

three million shares

the

well

1928

and

1936-early
however,

Sanders

INVESTMENT SECURITIES

The
main

1309

ad¬

year's low to the
following year's high, without an
intervening reaction of 10% or
more, has rarely exceeded 45%.

Newsom

that the maximum

from

vance

street

Dallas

one

early

1937).

1929 (or late
At that point

the

Mrs.

Marshall

secondary and

low-priced

stocks.

day

number of months, and gen¬

eral confidence reaches the levels

Stock Market Outlook

Cleveland;

(5) The outcome of the Novem¬
ber elections is not
an

cal

likely to have
important impact on the cycli¬
trend

because

stock

the

prices,

Democrats

partly
are

will probably again witness a
renewed conviction that we have
we

longer following a business-bait¬
ing line, and also since they are
solved the problem of the business
advocating more direct inflation¬
cycle, which in turn will help ary policies than are the
Repub¬
bring about an increased interest licans.

September, 1954 high of 366
the

Dow

Averages

Industrial

Jones

43% above the

was

pre¬

vious year's low. It might be noted
that the fact that the demand

equities

has

been

great

to perfnit

vance

continuous

for

sufficiently
ad¬

than 40%, in what

to he the first "leg" of a

appears

bull

new

market, would alone
raising our sights
as to price levels which
might be
expected before the entire bull
to warrant

seem

market
not

UNDERWRITERS

DISTRIBUTORS

—

DEALERS

its

runs

We should

course.

the

ignore

the past 12

fact

months,

that

during
have wit¬

the type of market action

nessed

which helps to bring in

the pub¬
as
one
of the most potent
(even if basically unsound) sales
arguments 'of security dealers is
the
amount
of
profits
which

lic,

TEXAS
MUNICIPAL

BONDS

would

CORPORATE

STOCKS

UNLISTED

LOCAL

tain

BONDS

SECURITIES

have been

stocks

had

been

cer¬

purchased

earler.

year

realized if

concluding this apppraisal of
outlook, the prospects,
see
them, might be summar¬

Ten

SOUND

FOUNDATION

minutes from the heart of down¬

Dallas

town

the

Central Expressway,

ized

Bell

DALLAS

Teletype DL 492

TEXAS

Riverside

Representatives

—

Belton

—

follows:

(1) As this
(Oct. 4, 1954)

Incorporated

MERCANTILE BANK BLDG.,

the

being

completion

the

got under way from

Edinburg

level
trial
lows
and

initial

with
163

the

great deal in

that

Securities

common

160-

October, 1946; May,

1947; and June, 1949:

which

and

followed

by an advance of
70% within the next

than

months.)
(2) Subject to at least

two tech¬

nical readjustments, such
witnessed in June-July,

were

1950, and

May-June,

bull market

its

1955

1951:

the

Investment

Branches:

Midland

Odessa

11 I AS. TEXAS

Phone

Riverside

con¬

economy, there is
an
chance that stocks will

not
5471

prove to
be
seriously
valued from a cyclical

until

Lufkin

will

a gradual return
of confidence in the
future of the

excellent
1

tinue to witness
American

Bankers

MERCANTILE CCMMECCE I I H UM

quarter of 1956.

(3) Assuming that

Securities Company

run

Summer

earliest, and possibly

not until the first

SOUTHWESTERNI

current

probably will not

before

course

issues

over¬

standpoint
sometime after the
type of
which

make

the Dow-

Jones

UNDERWRITING

RETAIL

TRADING

Industrial Average sell at
the equivalent of at
least 17 times

earnings, and

UNLIJTED

CCRRCRATTJ, MUNICIPAL DCNDT

somewhere

yield basis of

between

3.6%

and

4.0%.

(4) The probabilities
major peak

General- American

the

are

stock

that

market

new threebuilding of

Oil

Company

rising. Scheduled for final

completion in March, 1955, this beau¬
tiful

new

of the
tion

Indus¬

established in the

range

was

254-256

Dow-Jones

Average, which marked the
in late 1951; in
June, 1952;
in September,
1953.
(This

base had

Southwestern

written

be seeing

may

first "leg" of the bull market that

9295

the

of Texas is

the

and-a^half-million dollar

the market

R. A. UNDERWOOD & CO.

super-modern

With

structure is

tangible evidence

planned growth and diversifica¬

of this great young company.

production, exploration, and

pipelines in the United States, and in¬
terests in

Canada and

Spain, General

American is confident of

ever-

expanding future characterized by
continued vigorous growth.

GENERAL AMERICAN OIL COMPANY of Texas
f

i r ic a n

THE

Convention Number

COMMERCIAL and FINANCIAL

Louis
Mrs.

Charles

Wallingford, Philadelphia; Mrs. Charles Brennan, Philadelphia;
Philadelphia; Mrs. Edgar A. Christian, Philadelphia

Mrs. Joseph Smith,

E. Walker,

National Quotation Bureau, New York;
of Investment Women's Club of

(President

Sincere

and

Helen Schnetke, Raffel &
Philadelphia); Edward H.

Company,

the

extent

point
when
propitious, I

Corporate Bonds and Arbitrage

Co., Philadelphia
Welch,

Chicago

of 50%. At some place, namely, the purchase of
I
think
a
sale preferred stock and the "when
issued" s^les of the new 4.80%
dispose of the re¬
debentures and the common. The
mainder of the stock obtained by
converting the bond and realize pressure on the 4.80s caused the

Continued from page

CHRONICLE

low and the price of the
beginning to approach the
feature of the bond.
Now under a new set of circum¬
stances
such
corporations
may
want to avoid dilution and have
a certain amount of flexibility by

gone so

stock is

conversion

price
to
decline
substantially.
a profit.
When the 4.80s reached a price
What
happens if the market
the old bonds as he
convertible bonds out¬
level that the holders of the 5s having
had an open position, and had to goes down. Here I am only 50%
standing, which they do not have
yields going down, rather than
sold.
Assume
that the market thought attractive, switching op¬ with a
dispose of his bonds in the open
straight bond issue.
erations took place, namely, the
anything of import occurring to
market or to retain them pending breaks badly enough. The bonds
the per share earnings.
sale of the 5% bonds and the pur¬
Although convertible bonds
the presentation of a new plan. should stabilize around its invest¬
chase of the 4.80s.
So you can have many attractive features, be¬
The
absence
of probable ar¬
This happened again in 1949. That ment value giving no considera¬
see that even though the 5s were
cause of this very fact, the con¬
bitrage pressue also has its effect
tion to the conversion privilege.
plan was also remanded back to
not affected directly by the plan version privilege is prone to be
on
a stock.
Late last month, the
the I.C.C. We now have another The profit resulting from being
of recapitalization, switches were over-valued and caution should be
American
Telephone
Company
able to cover the stock sale at
plan in 1954. "When issued" trad¬
made out of that issue into the used at the present time. Possible
announced a $250 million nonless than the equivalent of the
ing has just started in the new
4.80s.
redemption of high coupon con¬
convertible issue. This occurrence
investment value of the bond off¬
securities and as legal processes
There are many other opera¬ vertibles detract from the longsets the loss on the long side.
put the stock up three or four
bring this plan along the road to
tions in the arbitrage field, but I term profit aspects. The oppor¬
points because it meant that at consummation, there will be more
do not think them too important tunity of gain is often not enough
Switching Operations
least for the
time being there
and more interest in the over-thewhen you folks are trying to get to justify the premium paid.
would
not
be
additional con¬
Switching operations take place
counter market in the "when is¬
vertible
bonds
depressing
the sued" securities. As this happens, under various circumstances. If a broad understanding of the
As far as reorganiaztion plans
field.
market.
there is pending large scale new
are
the bonds will follow the price of
concerned, when we look at
In conclusion, I might say that
financing, investors might well
the new securities.
the bond market in the news¬
Arbitrage and Reorganization
sell bonds held in their portfolios arbitrage in the convertible cor¬
papers,
there are a number of
The third category of arbitrage
Bonds
in the expectation
of replacing porate bond market only has an bonds subject to stock price flucis hedging and switching. An ex¬
The second category \of bonds
such sale with a new issue at a effect when common stocks are
uations rather than bdnd market
ample of the hedging operation better comparable yield.
high. In a "bull" market, corpora¬ considerations. These bonds usu¬
subject to arbitrage transactions
might be called a partial ar¬
are those affected by reorganiza¬
A specific example of switching tions that do not want a straight ally fluctuate widely
and it is
bitrage. It is a unique way to es¬
tion proceedings. A specific ex¬
issue, will resort to the progress of the reorganization
took place some time ago, when long-term
tablish what may turn out to be
convertible bonds in the hope that
ample
is the
Missouri Pacific
the American & Foreign Power
plans and the market movements
a position with
real profit possi¬
Railroad which has been in bank¬
Co. announced a plan of recapital¬ they will eventually be converted of the
"when issued" securities
bilities and limited loss. Assume
into common stock and improve
ruptcy since 1930. There was a
ization for its preferred and com¬
that determine the price of the
that I buy a convertible bond sell¬
plan presented and approved by
mon
stocks. The company had a the debt structure. It is at such bond.
at a two or three point
times, you have most of your con¬
the
Interstate. Commerce Com¬ ing
5% bond outstanding that did not
When
we
come
to switching
vertible bonds issued.
mission in 1940. Markets were es¬ premium over conversion value. I
and hedging transactions, they are
sell only half the stock that I am participate in the plan. However,
tablished for the new "when is¬
On the other hand, we have
the old senior preferreds that had
of a somewhat continuous nature
sued" securities
and substantial entitled to .upder the conversion large dividend arrearages were
corporations today who are think¬ depending upon day to day oc¬
arbitraging took place. Eventually privilege. In this way, if the mar¬ offered new 4.80% subordinated
currences. in
the over-all bond
the
plan
was
abandoned and ket price of the stock rises, I will debentures and common stock for ing of refunding their convertible market.
"when
issued"
contracts
were
their
claim.
Arbitraging took bonds because interest rates have
benefit having an unsold position
cancelled. The arbitrageur found

been based

largely upon dividend

himself long

Check with Us

INVESTMENT

SECURITIES

of the

□ Rights, Scrip

□ Bank and Trust

□ Finance Company

•Southwest

Distributors of

DISTRIBUTOR

□ Industrial

Stocks

□ Municipal

Corporate Securities

Securities

□ Insurance

•

Market

□ Secondary

Securities

DEALER

and

Warrants

Stocks

Company

UNDERWRITER

Southwest

If It's in the

Bonds

□ Oil and Gas

0 Underwriters of

Securities

Corporate

Stocks

0 U. S. Government

□ Public Revenue

Issues

Bonds

0 Wholesale

□ Public Utility

FIRST

<£otltkW€4t COMPANY
Investment

RAUSCHER, PIERCE & CO.

Bankers

MERCANTILE BANK

Distributors

Securities

Mercantile

DALLAS, TEXAS

Bank

Telephone Riverside
Abilene

Plainview

San Antonio

Dallas

•Direct

Branch

Offices:

Stock

Midwest

Members

BUILDING

•

Exchange
1, Texas

Dallas

9033 Bell Teletype DL 186

Wires

Houston,

Bldg.

San

Principal

Antonio, Austin, Waco,

and DL 197
Markets

Harlingen and
>.r.

THE COMMERCIAL and FINANCIAL CHRONICLE

Thursday; October 14, 195^

iWEiCJ,
Page

AMARILLO,
Southwestern

Public

Page

TEX.

Service

DETROIT,

Company-.

MICH.

Burnham

Buhl

Building
of Michigan Corporation
Livingstone (S. R.) Crouse A Co.

McDonald-Moore

First

ATLANTA,

GA.

(Wm. C.) A Co
Watling, Lerchen A Co.
Roney

Courts

Co.

—-

Johnson, Lane, Space A Co., Inc.
Robinson-Humphrey (The) Co.
Tindall (J. W.)
£ Company

FORT

————

Edwards

BALTIMORE,

—

MD.

•

Burns

WORTH,

(William N.)

TEX.
93

—

Bros. A

Cnase

Baker, Watts £ Co._
(Alex.) & Sons

HARTFORD,

CONN.

National

INDIANAPOLIS,

—

the

City

(Francis I.)

A Co.

JACKSONVILLE,

FLA.
90

BIRMINGHAM, ALA.
Sterne, Agee

JERSEY
Tellier

BOISE,
Morrison-Knudsen

CITY,

N.J.

Co.

j—41

IDAHO
80

Company

LOS

ANGELES,

CALIF.

Akin-Lambert Co., Inc.

BOSTON,
Carr

MASS.

Crowell, Weedon

Thompson, Inc.Burr, incorporated—
Day (Chas. A.) A Co., Inc.
du Pont, Homsey A Company
Dwinnell, Harkness A Hill, Incorporated—
Haigney (Dayton) A Co.

50
46
48
47
48
50

Hotchkin

Coffin

Co.

—

Company

Securities

Brothers

Keller

Keystone Company of Boston
Knox

—

(H. D.) A Co—r
A

Co.

i—i—1

Miller (Revel)

Morgan
Staats

—L—

& Co

Wagenseller

R.)

Co—

Durst,

—

—:——

Inc.

RAPIDS,

LOUISVILLE,

KY.

Kentucky Company

—

—A-

Co.

LYNCHBURG,
Horner

Scott,

VA.

Mason, Inc.

—,

Strader, Taylor A Co., Inc.—

(The)

First

TENN.

Bank

National

—.

ILL.

CHICAGO,

Lpdman Corporation
67

Ulyn (A. C.) & Co.—(A. G.) A Co., Incorporated.
Syllesby (H. M.) and Company,
Incorporated
—
—
Doyle, O'Connor & Co—
Fairman, Harris A Company, Inc.—
Fuller (William A.) A Co.
ICrensky (Arthur M.) A Co., Inc.—
D'Rourke (J. P.) A Co.—
Uncere and Company———
Itifel, Nicolaus A Co., Inc
Straus, Blosser & McDowell
Swift, Henke A Co.————

Van

Ingen (B. J.)

—-

A Co., Inc—

Seeker

MILWAUKEE,

Bank

(The)

WIS.

Company

(Gordon)
and

Co—

(A. M.)

King A King
Kugel, Stone
Laird, Bissell
Lann (Joseph

Milwaukee

(The)

Company

MINNEAPOLIS,

Allison-Williams

Piper, Jaffray

Company

—

Hopwood-

—

OHIO

CINCINNATI,

MONTREAL, QUEBEC, CANADA
(Geo.)

Eustis

Co.

Field, Richards A Co.—

Walter, Woody A Heimerdinger

Savard A Hart

—

Vilas

OHIO

Albert

Cleveland

Trust

Dobeckmun
Eaton

(The)

Co.—

Co.

NASHVILLE,

Clark, Landstreet A Kirkpatrick, Inc.—,—

Equitable Securities Corporation—.

—_—._

—

Southwest

Scranton

Underwood

(Chas. W.)

Co.

—

ORLEANS, LA.

Friedrichs

Company

Co.—

—

u.
—

Wulff, Hansen A

—

SAVANNAH, GA.

Co-

Johnson, Lane, Spate £ Co., Inc.

—

25
33
—.—

—

•

—-

SEATTLE, WASH.
' \'f
Co., Inc.
•

Lewis

•

—

Harper (Wm. P.) £ Son £ Co.

—

-----

(John R.), Inc.

Pacific Northwest

Company——

Seattle First National Bank

—^

36
38

—

•'

Grande £

SHREVEPORT,

LA.

—

Barrow, Leary £ Co.

——

—

SYRACUSE,

ORLANDO,

FLA.

Leedy, Wheeler A Alleman, Inc.

Brooke

PA.

Co.

■aK-

TOLEDO, OHIO

Co.

TACOMA, WASH.

A Co.

——

Washington Gas £ Electric Co—

Aspden Robinson A Co
A

N. Y.

Snyder (E. W.) £ Co.-.,

Collin, Norton £

Co.

■

Sherrerd

TORONTO, ONT., CANADA
55
57

—

YORK

CITY
—

Adler, Coleman A Co
Corp.
Company

——

—

Batkin A Co.
Blair A Co., Incorporated
Blyth A Co., Inc.
Boland, Safftn A Co.

30
—

12
15
28

—

——

Gregory

—

40
17

—

6
37

Midland Securities Corpn. Ltd-

Streit, J. Bradley—

45
45

——

WASHINGTON, D. C.

57
—-2

—

—_

—

Bacon, Stevens A Co—

American Securities Corp——
Ames (A. E.) A Co., Inc.
—
Amott, Baker A Co., Incorporated—
Arnhold A S. Bleichroeder, Inc.i-—
Asiel A Co.

Bonner

Hopper, Soliday A Co.
Janney £ Co.
Lilley £ Co
Morrissey (F. J.) £ Co.
:
Newburger £ Company
Pennsylvania Company
Phillips (Samuel K.) £ Co.
Philco Corporation
Rambo, Close A Kerner, Inc.—
Schaffer, Necker £ Co.
Schmidt, Poole, Roberts £ Parke
Sparks (J. W.) £ Co.
Stroud £ Company,
Incorporated
Taggart (Charles A.) £ Co., Inc.
Warner (Henry B.) £
Co., Inc.
Wright (Arthur L.) £ Co.
Yarnall, Biddle £ Co.
—

Adams A Peck

Allen A

Co.

Hecker A Co.

NEW

94
94

Cochran, Murray £ Co., Ltd.
McLeod, Young, Weir £ Company Ltd.—.

(Edward J.)

DeHaven A Townsend, Crouter £ Bodine

—

Byllesby (H. M.) and Company,
Incorporated

Sutro £ Co.

Caughlin

Peters, Writer A Christensen, Inc.—

A Co.

...

(J. S.)

Butcher
91

Steoe, Moore A Co
Sadler (Amos C.)

—

Management Corporation

—

Strauss

Gorey (Walter C.) Co.

Scharff & Jones, Inc.—2

—

A Co., Inc.

and

Boenning
-

Labouisse,

—

Newman, Brown A Co., Inc.

————

Carroll, Kirchner A Jaquith
FIF

FRANCISCO, CALIF.

(J.) £ Co—.

McAndrew A Company,
Incorporated—
Schwabacher £ Co—.
;

Company-——

Sullivan

2
36

—

PHILADELPHIA,

—

Aetna Securities

Bosworth,

DENVER, COLO.
Boettcher and

—

Co——

—

Brush, Slocumb £ Co., Inc——
Firstj California Company
Incorporated

(J. G.) A Company, Inc
Williston (J. R.) A Co

CONN.

Howard, Weil,
Company
*

Securities

:—

White

Bioren

NEW

Oil

(R. A.)

HAVEN,

Sanders A Newsom

NEW

——*r-——.—

Rauscher, Pierce £ Co.—.—
Southwestern

—-

DALLAS, TEXAS

First

Barth

63
63

Dane, John

General American

SAN

Hickey

Co., Inc.

Prescott A Co.—

—

Robinson-

(T.L)

ANTONIO, TEXAS

Company, Inc.—

TENN.

—

Mericlca (Wm. J.) A Co., Inc.
Parsons

—

Company

Fanner Manufacturing

—

28,69

First (The) Cleveland Corp-

Russell

Associates

SAN
A

Wood, Gundy A Co., Inc.

Company

Company-—

Manufacturing

Gottron,

C. Jones

Baxter, Williams

—

Brothers

Watson

—

——

Wertheim A Co.

Ball, Burge A Kraus

(The)

HOLLY, N.J.

73
73

Russ

Company
38
Trask
(Spencer) & Co.
16
Troster, Singer A Co.-,
——21
Trust Company of North America———
19
Union Securities Corporation
13
Van Alstyne, Noel A Co.
26
A

—

—*

Company

L.)

Vanderhoef

Co.

(Edwin

Tatro

Company

Whitney £ Company

A Co.

Vickers

MOUNT

CLEVELAND,

(A. L.)

UTAH

Company

(A. P.)

————

CITY,

24
.

Mountain Fuel Supply Company
Wendelboe (Stratford L.) £

34
-

Co.

(L. D.)

Bros

LAKE

(Ned J.)

Coombs and
Kibbe

Strauss, Ginberg A Co., Inc.
Sutro

SALT

—

A Co.
(L. F.) A Co—
Salomon Bros. A Hutzler
Saxton (G. A.) & Co., Inc.

—

(Irving J.) £ Co.

Bowman

Roggenburg

Stamm

MINN.

Rice

Reynolds A Co.

MINN.

Siegel A Co.
Singer, Bean A Mackie, Inc.

PAUL,

Company, Inc.—

Co.

(G. K.)

ST.
Kalman £

(W. C.) A Co., Inc.—
Registrar A Transfer Company—___

Shields

Securities

Co.

Moore
(Frank C.) & Co
Morgan (Peter) A Co.
;
Moseley (F. S.) & Co
National City Bank of New York
National Quotation Bureau
Nesbitt, Thomson A Co., Inc.
New York Hanseatic Corporation
O'Kane, Jr. (John J.) A Co.
Pershing A Co.
Pflugfelder A Rust
—i

McLaughlin, Reuss A Co—
McManus (Joseph) A Co—
Merrill Lynch, Pierce, Fenner A Beane
Mitchell & Company
Model, Roland A Stone

—-

—

84,

:
,

(Carl) A Co., Inc.-

Sherman

j, i

Scherck, Richter Company

Meeds

J.)

85'tyi
85

Co.

—

Co—

—

Co.

Securities Corp.
A

Cook

(Laurence M.) A Co.
Masterson (Frank C.) A Co.
Maxson (W. L.) Corporation

MO.

£ Co.

Stifel, Nicolaus £ Company, Incorporated.

————

(Carl M.) Rhoades & Co.

LOUIS,

D.)

Peltason, Tenenbaum Co.

(Edward

Newhard,

—

Higginson Corp.
Lepow Company

McDonnell

Mercantile Trust Company

Lee

Kidder, Peabody

Loeb

ST.

Ingalls A Snyder
Josephthal A Co.

Jones

A Co.
Hunter Securities Corporation
Hutton (W. E.) A Co

Lebenthal

—

Hourwich

Kidder

(G. H.)

Company

Hardy A Co.
Hill, Thompson & Co., Inc.
Hogle (J. A.) A Co

———

—

PROVIDENCE, R. I.
Walker

cf New York-.

Shearson, Hammill & Co.

Marshall

Grace National

Rothschild

Co.

Pitfield

——

Investment

FLA.

811

—

MIAMI,

.<5

Co.—

(George)

,—

(June S.)

Zilka, Smither £ Co., Inc.

—

49
46

ORE.

Company

Marks

—

Wagner, Reid & Ebinger, Inc.—

IOWA

Patten

i—

Bantel A Co.
Gearhart A Otis, Inc.—

Marks

(The) Bond Co., Inc.

Co.

Jones

and

Mabon

Bankers

PORTLAND,
Atkinson

Corp.

Lord, Abbett A Co.

Power

(William

—

-1

CEDAR
Electric

Co.

MEMPHIS,

.Iowa

49
47

N. Y.

BUFFALO,
Doolittle

Co.

—-

Maguire (J. B.) A Co., Inc.
:
May A Gannon, Inc.—,
Moseley (F. S.) A Co.,———
Sheeline (Paul D.) A Co.-——
Townsend, Dabney A Tyson
Vance, Sanders & Co.

Lester, Ryons A Co.

—

Co.

Kidder, Peabody A Co.
Lerner

Fewel

—

Company

Graves

Leach

.—

A Co
Frankel (William V.) A Co

Greene
92

—

General Investing Corp.
Glore, Forgan A Co.
Goldman, Sachs A Co.

Inc

Thomas

Boston

—

Simpson, Emery £ Co., Inc——

-—

Golkin A Co.

Wulbern,

Carrison,

Pierce,

—

Reed, Lear £ Co—

—_

Eastman, Dillon A Co.
(F.) A Co., Inc.
A

A Johnson

Moore, Leonard £ Lynch
8

Eberstadt

(The)
(P. F.)

II
■

Johnson

New

—r

Garvin,
64

WASH.

Puget Sound Pulp £ Timber Co.—-—

Gartman, Rose A Co.

IND.

Indianapolis Bond and Share Corporation—

BELLI NGHAM,

Bank

Freeman

PA.

(Dewitt;
Organization
Cryan (Frank M.) Co., Inc.:—
Devine (C. J.) A Co.—i
Dickson (R. S.) A Co., Inc.
1—
Dominion (The) Securities
Corporation——

Fox

Coburn A Middlebrook, Incorporated

——

—

York

First

inc

Ernst A Co.

87
,—--

—

Legg (John C.) & Company
Mead, Miller £ Co—
Stein Bros. £ Boyce

Denton,

Page

PITTSBURGH,

—

Conklin

Estabrook
Brown

Co.

Byrne,& Phelps

du Pont

A Co

•

—

Johnston, Lemon £ Co.—

58
—

52
57

WESTFIELD,

N.J.

—

Cunningham (George W.) £ Co.

——-41

57
58

57
,

YOUNGSTOWN, OHIO
Butler, Wick £ Co.;

——